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Fd taxation

11 April 2023

my father is retired on July 2022,has opened FD of Rs 10 lakhs on sep 2022,in October he submitted 15G in bank whether he need to submit 15 G again in this April for tax not getting deducted ?

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3 Replies

sabyasachi mukherjee (27579 Points)
Replied 11 April 2023

Pls post actual income to assess the above tax liability . assrsse senior citizen or not?

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Mahesh Shah (2308 Points)
Replied 11 April 2023

If FD int in aggregate exceeds 40000/- then form 15 G to be submitted ( if ITR to be filed is below taxable limit) if Income is taxable ..then no to file form 15

prasad Nilugal ( GST Practitioner & Accounts ) (14803 Points)
Replied 11 April 2023

1) As per section 194 A TDS applicable on FD Interest exceeds 40000/- for F.Y 22-23 .

2) You Can submit form 15 G if your FD interest exceeds 40000/- however condition is your previous year total income was less than basic exemption limit and tax not applicable (Nil) as per section 197 A( IA) of the Income tax act read with rule 29 C of the income tax rule .