How to fill new Form 15G

How to fill new Form 15G? New Form 15G has two parts / sections; Part 1 – This section is to be filled by the person (individual) who wants to claim certain ‘incomes’ without TDS.   Let us now go through each point of Part-1 of Form no 15G. 1 – Name of the individual who is making the declaration. 2 – PAN (Permanent Account Number) of the tax assessee. The declaration is treated as invalid if an individual fails to furnish his / her valid PAN. 3 – Status – Declaration can be furnished by an individual or a person (other than a company or a firm). 4 – The financial year to which the mentioned income pertains to. 5 –Residential status ie Resident Indian or NRI etc., 6 to 14 – Your Address & contact details. 15 (a) – Mention ‘Yes‘ if assessed to tax under the provisions of Income-tax Act, 1961 for any of the assessment year out of six assessment years preceding the year in which the declaration is filed. 15 (b) – Mention latest Assessment Year for which Income Tax Return has been submitted and processed. 16 – Estimated income for which this declaration is made. 17 – Estimated total income of the P.Y. (Present / Financial Year) including the income mentioned in point no 16. 18 – In case any declaration(s) in Form No. 15G is filed before filing the new declaration during the Financial year, you have to mention the total number of such Form No. 15G filed along with the aggregate amount of income for which said declaration(s) have been filed. 19 – Mention the distinctive number of shares, account number of term deposit, recurring deposit, National Savings Schemes, life insurance policy number, employee code, etc., Verify, declare and sign the form. (Kindly note that if you are submitting form 15G for this Financial year 2015-16 then Assessment year would be 2016-17) Part 2 – This section is to be filled by the person / institution responsible for paying the income. Example can be a bank who pays ‘interest income’ on a depositor’s Fixed deposit.