dear all
female assessee income recd from Interest Rs. 190000/- and other Rs. 10000/- total 200000/- but Rs. 20000/- LIC
kindly send answar this case 15G applicable and not applicable pls urjent reply
SUNIL SINGH (ACCOUNTANTS AND INCOMETAX WORKS) (142 Points)
02 April 2010dear all
female assessee income recd from Interest Rs. 190000/- and other Rs. 10000/- total 200000/- but Rs. 20000/- LIC
kindly send answar this case 15G applicable and not applicable pls urjent reply
Ashish Sharma
(Service)
(1028 Points)
Replied 02 April 2010
SUNIL GARG
(CHARTERED ACCOUNTANT)
(175 Points)
Replied 02 April 2010
Hi Sunil,
Form 15G is applicable to all assessees (other than senior citizen for whom Form 15H is applicable) whose taxable income will come out below taxable limit and TDS is to be deducted on their income. In that case, the assessee may file Form 15G with the payer and the payer then will not deduct TDS.
If the lady submits form 15G (applicable to other than senior citizens), the TDS will not be deducted on the Interest and since her taxable income will come out Rs. 1..80 Lacs, she is not required to pay any taxes.
If she does not submit 15G then TDS will be deducted @ 10% but since her income is below taxable limit, she can claim the refund by the her ITR.
Gita Iyer
(Specialist)
(135 Points)
Replied 03 April 2010
Dear Sunil,
15G not applicable as Gross Total Income exceeds the max. limit.......a return can be filed to claim the refund of excess tax paid or deducted!!!
CA Mrinal Gunjan
(CA)
(131 Points)
Replied 03 April 2010
| Originally posted by : CA. SUNIL GARG | ||
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Hi Sunil, Form 15G is applicable to all assessees (other than senior citizen for whom Form 15H is applicable) whose taxable income will come out below taxable limit and TDS is to be deducted on their income. In that case, the assessee may file Form 15G with the payer and the payer then will not deduct TDS. If the lady submits form 15G (applicable to other than senior citizens), the TDS will not be deducted on the Interest and since her taxable income will come out Rs. 1..80 Lacs, she is not required to pay any taxes. If she does not submit 15G then TDS will be deducted @ 10% but since her income is below taxable limit, she can claim the refund by the her ITR. |
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fully agree with the point.
Ashish Sharma
(Service)
(1028 Points)
Replied 03 April 2010
| Originally posted by : Ashish Sharma | ||
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Yes, You can submit form 15G as the form should submit when the "total income" is not taxable. Total Income contains Income from all Heads less deduction under chapter VIA |
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Section 197A
NO DEDUCTION TO BE MADE IN CERTAIN CASES.
(1) Notwithstanding anything contained in section 194 or section no deduction of tax shall be made under any of the said sections in the case of an individual, who is resident in India, if such individual furnishes to the person responsible for paying any income of the nature referred to in section 194 or, as the case may be, section 194EE, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner 1770b to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil.
(1A) Notwithstanding anything contained in section 193 or section 194A or section 194K, no deduction of tax shall be made under any of the said sections in the case of a person (not being a company or a firm),if such person furnishes to the person responsible for paying any income of the nature referred to in section 193 or section 194A or section 194K, as the case may be, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil.
(2) The person responsible for paying any income of the nature referred to in sub-section (1) or sub-section (1A) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner one copy of the declaration referred to in sub-section (1) or sub-section (1A) on or before the seventh day of the month next following the month in which the declaration is furnished to him.
Is there still Some Doubt or i am wrong in interpreting
Raj Saxena (1412th Tiger)
(Struggling Student)
(272 Points)
Replied 03 April 2010
Thanks all of u. I hv no knowledge on dis topic yet. But, now I know sumthng about it.
manikandan.J
(Accounts Manager)
(363 Points)
Replied 03 April 2010
hi
15G only applicable for a person above age of 65 year they can use the 15G for non deducting of tax Propably bankers asking to submit the 15G for the purpose of non deducting the TDS or yourself submit the 15G. TDS for interest applicable for the Rs.10000 and above they deduct the TDS
Ashish Sharma
(Service)
(1028 Points)
Replied 03 April 2010
| Originally posted by : manikandan.J | ||
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hi 15G only applicable for a person above age of 65 year they can use the 15G for non deducting of tax Propably bankers asking to submit the 15G for the purpose of non deducting the TDS or yourself submit the 15G. TDS for interest applicable for the Rs.10000 and above they deduct the TDS |
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Dear,
As per 29C(1A) of Income tax rules a declaration under sub-section (1C) of section 197A by an individual resident in India, who is of the age of sixty-five years or more at any time during the previous year and is entitled to a deduction from the amount of income-tax on his total income referred to in section 88B shall be in Form No. 15H .
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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