Can i get tax refund if have only fd income.

This query is : Open

L Srinivas (Querist)
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14 November 2015 Sir,

I am 45 & left the job. Now invested all my accumulation in Bank FD. the interest is about 2 Lakh per annually. The Bankers are deducting TDS at 10% on my interest.

Now I want to know during my IT return, do I get refund of my Interest TDS which is appx. 20,000/PA. As I have no any other income & total income is less than the Yearly allowed taxable income?

Also Can I show my House rent paid for the benefit during It return?

CA. SUDHARSAN K G

CA. SUDHARSAN K G (Expert)
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14 November 2015 You can submit Form 15G to the Bank, since your taxable income is less than the exemption threshold of Rs. 2,50,000/-. Accordingly, The Bank wont deduct TDS.
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After deducting the Tax Payable by you (if any) you can claim the refund, by filing the Return of Income.
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When you are not in receipt of House Rent Allowance, you can claim the benefit of Rent Paid under section 80GG of the Income Tax Act, 1961. The deduction is subject to certain conditions and monetary limits as given below.

Deduction:
The lowest of these will be considered as the deduction under this section-
(a) Rs 2,000 per month
(b) 25% of total Income
(c) Actual Rent less 10% of Total Income
“total income” shall mean total income before allowing deduction for any expenditure under this section.

Conditions:
Provided that nothing in this section shall apply to an assessee in any case where any residential accommodation is—
(i) owned by the assessee or by his spouse or minor child or, where such assessee is a member of a Hindu undivided family, by such family at the place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession; or
(ii) owned by the assessee at any other place, being accommodation in the occupation of the assessee, the value of which is to be determined 97[under clause (a) of sub-section (2) or, as the case may be, clause (a) of sub-section (4) of section 23].

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L Srinivas

L Srinivas (Querist)
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16 November 2015 Very informative, Thanks for the reply. Also I was told that even if the form 15 G not accepted (Mainly in MNC banks), banks provides the TDS form & we can claim based on the same. Is this also correct?

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