Where a self declaration under Form No 15G is furnished by a particular person [Section 197A(1),(1A),and(1B)]

A person other than a company or firm may furnish a declaration in writing in duplicate in Form no. 15G to the payer to effect there is no tax payable on his Total Income, in which case the payer shall not deduct any tax at source. Also the payer needs to deliver to the Commissioner of Income Tax one copy of the declaration given under Form 15G on or before the 7th day of next month next following the month in which the declaration is furnished to him.

However it is to be taken into consideration that the assessee cannot furnish the declaration under this clause if the aggregate amount of the following incomes credited or paid likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to tax even though the tax on total income of such person is Nil, such incomes being:-

1. Interest on Securities covered u/s 193.
   
   

2. Dividend covered u/s 194.
   
   

3. Interest other than interest on Securities covered u/s 194A.
   
   

4. Payment in respect of deposit under National Savings Scheme covered u/s 19EE.
   
   

5. Income in respect of Units covered u/s 194K.
   

Also no deduction of tax shall be made in the case of an individual resident in India, who is of 65 years of or more at any time during the previous year, if such individual furnishes to the payer, a declaration in writing in duplicate in the prescribed Form 15H and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be Nil.


In the case of such senior citizen, the senior citizen, the income from the above sources can be more than the maximum amount which is not chargeable to tax but the tax on his estimated total income, inclusive of such incomes, should be Nil.