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Form 15G Vs 139(1)

24 January 2023

A person received FD interest of 45000 and he will submit the form 15G.
Now TDS will be deducted or not?
Because as per the seventh proviso to section 139(1), if tds deducted is 25000 or more, a person is required to file the return.

what's your opinion?

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5 Replies

Byomkesh Dave (student) (104 Points)
Replied 24 January 2023

When form 15G is accepted by bank, TDS will not be deducted by it.

2 Like

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 24 January 2023

If the Gross total income is below tax exemption limit then you may submit form 15G/ 15H for not deducting tax on FD Interest

9 Like

sabyasachi mukherjee (27574 Points)
Replied 24 January 2023

Sec 139(1) and 15G is different . Both are from different perspective.
1. 139(1) requirement of pan and others . assesse needs to file return of tax when??
2. 15G IS DIFFERENT.
DISCLOSURE OF INCOME WHEN REQUIRED.

1 Like