I am getting bank interest of Rs 300,000/- per annum.Bank is deducting 10% TDS.My 80c savings is 100,000/-. Can i give form 15G? if not how to get TDS amount back.
4 Replies
Intermediate Student
(-)
(644 Points)
Replied 12 February 2014
For filing 15G bank interest should not be more than basic exemption limit (before claiming deduction u/s 80C)
for claiming TDS file income tax return.
abhishek
(article assistant)
(113 Points)
Replied 12 February 2014
Form 15G or 15H can only be submitted to your bank when taxable income does not exceed the minimum exemption limit. It should be furnished at the begining of the financial year. Because there wont be any benefit of furnishing it after deduction of TDS by bank.
Hence you can not furnish FORM 15G because your taxable income before exemption is greater than minimum exemption limit.
Now u would have to file ITR and u would have to wait for refund of tax.
Rohit Gupta
(Audit Executive)
(271 Points)
Replied 12 February 2014
As per Section 197A of the Income Tax Act you cannot give this form to the Bank in case the aggregate of interest exceeds the basic exemption limit.
It is also mentioned that in case u r above 60 years and tax calculated on yr total income is Nil then u can give this form to yr Bank.
So if u r above 60 then definately u can and if not then u should not give it as there is a provision of penalty and imprisonment in giving the false declarartion.
Regards
Rohit Gupta
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 12 February 2014
Hi
To get your TDS amt back ou will be required to file IT return.
Thx
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