Term deposit 5 years - form 15 g (tds)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2014 Dear Sir,

My Taxable income is Rs. 2,10,450.

I have fixed deposit in a scheduled bank.

1st deposit period 2011 - 2016
2nd deposit period 2012 - 2017
2nd deposit period 2013 - 2018
2nd deposit period 2014 - 2019

The above deposits amount to around Rs. 2.5 L

Am I eligible to submit Form 15 (G)?
Even if I submit, will TDS be deducted?

Please reply back.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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16 April 2014 You are not eligible to submit form 15G because of those who are the income tax assessee or has taxable income exceeds basic exemption limit are not eligible to submit form 15G/H. So you are not eligible to submit form 15G even you submitted to the bank then bank shall not deduct TDS because of bank didn't knows about your taxable income etc... it just based on the information provided by you, means if you submitted form 15G then bank assumes you are eligible to issue form 15G and then not deduct TDS, but while in investigation of Ao finds that you submitted form 15G eventhough you not eligible to submit then it take necessary action on you for overiding the income tax provisions. However even you wrongly submitted form 15G but that interest income you disclosed in your return of income and paid tax appropriately before to notice by the AO then AO may excuse you and doesn't take any action on you.

So in short you are not eligible to submit form 15G as per provisions of the income tax act,1961

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2014 Salary details are:

Gross Salary = 3,24,865.00
Net Salary = 2,88,958.00
Net Taxable Salary = 2,86,558.00
Gross Total Income 2,86,558.00
Taxable Income(Rounded Off) 2,10,450.00
Tax Payable on Total Income 1,045.00
Tax Payable 1,045.00
Less Tax Credit 87A = 2,000.00
Add Cess = 0.00
Total Tax Payable less Prev Tax = 0.00
Less Tax Recovered = 0.00
Balance Tax Payable for the Year = 0.00

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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16 April 2014 Those whose gross total income exceeds basic exemption limit required to file income tax return irrespective of their tax payment liability. So in your case your gross total income as well as total income also exceeds basic exemption limit but due to rebate of tax u/s 87A you not liable to payment of income tax but it not seems you have not any taxable income, you have taxable income as well as after adding of accrued interest on that Deposits you may liable to pay tax.

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