TDS deduction form 15G

This query is : Resolved

Guest

Guest (Querist)

04 April 2009 Assessee: Individual

Occupation : Medical professional

Is it possible to Give Form 15 G to the Bank and claim Nil deduction of TDS if the assessee already has a other income from profession which is taxable.

Subsequently when the income is received it is offered for taxation at the normal rates for an individual. The problem arises due to non receipt of certificate from the bank on the due dates of payment of advance tax thus assessee end up paying a little more amount of tax.

Please cite a case law in which such certificate has been accepted by bank and taxmann agreed

CA JAIMIN TRIVEDI

CA JAIMIN TRIVEDI (Expert)
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04 April 2009 No. You cannot issue form 15G if tax liability will arise inlcuding the bank interest.

K V Subba Rao

K V Subba Rao (Expert)
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04 April 2009 I agree with Sri Trivedi

Banks do provide TDS Certificates well before due date for filing Income Tax Return

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