18 March 2013
Dear Sir / Madam, I am a voluntarily retired teacher having total annual income of Rs 4,67,500. All of this income comes from Bank Fixed deposits kept in 4 Indian Bank. The TDS deducted per year exceeds the total tax payable on this income. Resulting into tax refunds every year. How to solve this issue can I fill form 15G to couple of banks to reduce TDS. Am I eligible to apply u/s 197 for reduced tds? Please help this has become a nightmare for honest tax payer. Details of my last AY as below Total Income Rs 4,67,500 ( 90% from bank FD interest ) TDS deducted = Rs 42,075 of bank Fd interest Total tax on income Rs 17,253. Refund Rs 24,823. Kindly hep is there a simpler way. Can I give form 15G to couple of banks to reduce deduction of TDS? Sherryl
19 March 2013
SINCE YOUR INCOME IS TAXABLE EVEN AFTER DEDUCTION U/S 80-C, 80-D YOU CAN NOT FILE THE 15-G, FOR LOWER DEDUCTION YOU HAVE TO APPROACH YOUR INCOME TAX OFFICE WHICH IS AGAIN PAINFUL OPTION, THUS BETTER TO CLAIM REFUND
CAclubindia
