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?
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
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.
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