Query relating form 15g
This query is : Resolved
30 March 2012
Suppose my income (excluding interest income) is Rs.150,000/-
Interest income - Rs.50,000/-
Exempt income - Rs.5000/-
80C deductions - Rs.80,000/-
Can I issue Form 15G?
Interest income - Rs.50,000/-
Exempt income - Rs.5000/-
80C deductions - Rs.80,000/-
Can I issue Form 15G?
30 March 2012
Since your income tax liability is NIL, you can submit Form 15G.
Message likes :
1 times
30 March 2012
u CANNOT GIVE FORM 15G IT APPEARS THAT THE TOTAL RECEIPTS IN UR CASE EXCEED THE BASIC EXEMPTION LIMIT AND IN SUCH CASES AS PER SECTION 197A(1B) NO FORM 15G CAN BE ISSUED
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
Message likes :
1 times
30 March 2012
Dear Manoj sir, Section 197(1B) refers to incomes for which Form 15G is sought to be provided.
SUCH income (income on which TDS is required to be deducted) should not exceed the exemption limit.
It does not say total income. It says SUCH income.
The Section is as under:
The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or 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 income-tax.
It refers to incomes under sub-section 1& (1A), i.e., income on which TDS is required to be deducted.
SUCH income (income on which TDS is required to be deducted) should not exceed the exemption limit.
It does not say total income. It says SUCH income.
The Section is as under:
The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or 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 income-tax.
It refers to incomes under sub-section 1& (1A), i.e., income on which TDS is required to be deducted.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
