Form 15G is a self-declaration form that individuals submit to banks, financial institutions, or employers to avoid TDS (Tax Deducted at Source) deductions on interest income or other eligible earnings. This form applies to individuals below 60 years of age whose total taxable income is below the exemption limit and who do not fall under the taxable bracket for that financial year. It is commonly used for fixed deposits (FDs), recurring deposits (RDs), EPF withdrawals, and rental income to ensure tax-free earnings.

For businesses handling contract workers, gig employees, and blue-collar workforce, facilitating Form 15G submissions ensures accurate payroll tax calculations, minimizes unnecessary TDS deductions, and enhances employee financial well-being. Companies leverage HRMS platforms and payroll automation systems to track, validate, and manage Form 15G submissions, ensuring regulatory compliance and smooth financial operations.