ravi (senior accountant) (507 Points)
02 January 2012Without proper estimation of Total Income we have submitted Form 15G to the banker now my income (after considering all 5heads) is exceeding the basic exemption limit pls suggest me what should I do now : pls suggest the remedy and also pls suggest the future care to be taken before submitting the Form 15G/H thanks in advance.
CA Chintan Y. Dave
(Proprietor)
(26 Points)
Replied 02 January 2012
First try and adjust your income as to making new investments u/s 80C/D, and if it is not possible then make an application to concerned A.O. that such mistake has been made by me along with Form 15G/H you have submitted.
This will surely avoid penal consequences....!!
In future always consider all the probable incomes and always estimate the income more than 20% as a conservative approach, it is better having deducted the tax on income rather than doing all these excercises.
Balaji
(Knowledge Seeker)
(317 Points)
Replied 03 January 2012
Dear Ravi,
Form 15-G can be submitted only when the total income before availing deductions u/s 80-C,80-CCF,80-D etc. is below the maximum amount not chargeable to tax.Hence strictly speaking even if you are able to avail of some deductions under Chapter VI-A to bring the total income below the taxable limit,it would be a false declaration.
You need to pay any tax which is due as per your revised calculations.In case of any queries at a later stage,you can always explain that you had submitted Form 15-G based on last year's earnings and a reasonable estimation of any changes to them.Though you might have wrongly submitted form 15-G for non-deduction of TDS,by paying your correct tax you could minimise the consequences.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 03 January 2012
Good question and equally well responded by Friends.
Regards,
LALIT KUMAR GANERIWAL
(accountant)
(241 Points)
Replied 03 January 2012
FORM 15G/H IS DEPOSITED ON THE BASIS OF LAST YEAR INCOME NOT FOR SAME YEAR IF YOUR LAST YEAR INCOME NOT TAXABLE THEN AN INDIVIDUAL CAN SUBMIT FORM 15G OR H FOR NON DEDUCTION OF TDS ON INTEREST
Shiv Shankar
(Accountant)
(78 Points)
Replied 03 January 2012
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