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1. What is Form 15G?

Form 15G is a self-declaration form that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. Form 15 G is formed to avoid TDS. This form can be used by Resident Individual or HUF or trust or any other assessee but not a company or a firm with an age of less than 60 years. This form is valid for one financial year, therefore the assessee who wishes to take advantage of this form should file them at the beginning of the financial year with their respective banks. 

2. Why is form 15G used? 

This form is used in order to save the taxes on the income earned by the assessee through interest from FD or RD in banks, insurances, post offices, etc. this form provides relief to all those persons who mainly depend on this interest income for their livelihood and cannot afford to pay taxes on them. However in order to avail of these facilities the person shall prove that his total income in any financial year is less than 2.5 lakhs.

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