timelord (student) (45 Points)
28 June 2012hi, as per the income tax act, form 15g is to be submitted,by a person,not being a senior citizen,if he satisifes the following 2 conditions
1. total interest received doesn't exceed the maximum amount not chargeable to tax AND
2. final tax liability on estimated income is NIL
REGARDING POINT 2: what is final tax liablity for salaried employees? is it gross total income LESS 80C deductions?
and does final tax liabilty mean after deduction of TDS on salary also?
Shefali Grover
(CA Final)
(67 Points)
Replied 29 June 2012
It would be on Total Income or Taxable Income. Total Income or Taxable Income is equal to Gross Total Income less deductions u/s 80c to 80u. If Total Income or Taxable Income is less than minimum slab rate, then 15G will be submitted for not deducting TDS.
CAclubindia
