Form No. 15G is a declaration form which can be filed by non senior citizens if the final tax on his estimated total income computed as per the provisions of the Income Tax Act should be NIL, and the aggregate of the interest etc. received during the financial year should not exceed the basic exemption limit.
If both these conditions are satisfied, Form 15G may be furnished and in such case, the entire interest income can be paid without deduction of tax at source.
False statement causing Penalty.
Before signing the verification, the declarant should satisfy himself that the information furnished in the declaration is true, correct & complete in all respect. Any person making a false statement in the declaration shall be liable to prosecution u/s 277 of the Income Tax Act-1961 and in case where tax sought to be evaded exceeds Rs. 1 Lacs (Rs. 2.50 Lacs w.e.f. 01.07.2012), with a rigorous imprisonment which shall not be less than 6 months but which may be extend to 7 years & fine as well as in any other case, with rigorous imprisonment which shall not be less than 3 months but which may extend to 3 years (2 years w.e.f. 01.07.2012) & fine.
It appears that you have submitted Form No. 15G under the wrong impression that tax on your estimated income for the relevant year is Nil. You may pay the balance amount of your tax liability now at the time of filing the return of income. As far as prosecution is concerned, it may be noted that the Commissioner of Income Tax is empowered to grant immunity from prosecution u/s 278AB of the Income Tax Act-1961.
Exemption Claim from Income Tax.
The exempt income is required to be reported in the Sahaj in Part D (D19).
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