Form 15-g of income tax

Tax queries 514 views 1 replies

Hi friends,

I have some fixed deposits in different banks. During previous year 2011-12 i could not estimate my annual income properly and gave form 15-G to the banks to avoid TDS. Now i see that my total income for previous year 2011-12 is more than the tax limit.There is no advance tax liability because tax payable is around Rs. 3600. I asked about this from someone and he told me that i have done a great mistake and i will be fined and prosecuted for violation of TDS provisions. Due to this fear i did not file my return of income till now. What should i do now. Please solve my problem.  

Second thing is that bank gave me two tds certificates for the previous years 2008-09 and 2010-11 in August 2012. Can i claim all tds in the return of  previous year 2011-12?

Waiting for your reply.

Thanks 

 

Replies (1)

There is nothing to panic, Anubhav.

Just file your ITR for FY 11-12. It will be treated as a belated return. Pay taxes whatever is due. Form 15G is given on 'estimated income.'

You cannot claim TDS of PYs in FY 11-12.

Regards,


CCI Pro

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