DEAR SIR
I AM RECEIVED AS INTEREST OF RS. 150000/- ON ADVANCES AND I ALSO RECEIVED AS SALARY INCOME RS. 72000 /- MY TOTAL INCOME IS RS. 222000/- AND I HAVE 80C DEDUCTIONS RS. 80000/- HENCE MY TAXABLE INCOME IS RS. 142000. MY QUERY IS I AM ISSUED FORM 15G TO MY DEBTOR FOR NO TDS DEDUCTION ON INTEREST
PLEASE TELL
THANKS IN ADVANCE
| Originally posted by : govind rathore | ||
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Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit This form should be submited to all the branches where you have the deposit. For example you have deposit in three SBI bank branchaes 100000 each. You must submit the Form 15H to each branch. Submit this form before the first payment of your interest. It is not mandatory but it will avoid the TDS deduction. In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year. You have to file the IT returns and claim the refund from the Income Tax. To avoid these proces, good idea to submit the forms at the beginning of the assessment year. If the total income from the interest is above 10000 incase of deposied in the banks or 5000 incase of deposited in the companies like Tata Motors, Mahindra Finance,etc. Note that for the banks the total interest is calculated in each branch separetly. If you have deposit in the many different branches, it will not be accumulated for the tax purpose. But, you will have to submit the details in the IT returns. TDS will be deducted at the rate of 10% p.a. up to 10 lacs. A fresh Form 15H needs to be furnished for each deposit that is placed with the Bank. For example you have many fixed deposit accounts in the same branch, you will have to submit for the each deposit. A consolidated TDS Certificate in Form 16A, for TDS deducted during a financial year will be issued in the month of April of the following financial year. Deposits held by minors are also subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor’s income is included. |
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yes, you should submit form 15G for no deduction of tax.........
you have to submit 15G with the condition that you have only one sources of income that is interest income
yes, u will submit the foam no 15G because ur total interest income is less than ur basic exemption limit in ur case ur interest income is 150000.then u wiill fill up 15 G foam and submitted .
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