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Interest Income more than 10000 - Do I need to file Form 15G

Dr. Jones (Director) (253 Points)

24 November 2009

Hi,

My annual income from Interest will cross Rs.10,000 this month. Do I have to compulsorily file Form 15G/H?

My age is below 65 yrs.

Thanks for answering my question.

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9 Replies

Aadhyayan (CA Business) (95 Points)
Replied 24 November 2009

Definitely, u will be required to file Form 15H for non-deduction if the interest income is not exempt from deduction of tax at source...
But before filing Form 15H, check whether the total income is below exemption or not. (exemption limit for senior citizen is Rs.2,40,000 for F.Y. 2009-10)

aadhyayan @ gmail.com

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Lalit aggarwal (.) (371 Points)
Replied 26 November 2009

yes u hav to submit it if your Taxable income of P/Y is below Rs 160000.

Sunali (Learner) (1317 Points)
Replied 26 November 2009

Originally posted by :Dr. Jones
"	Hi, My annual income from Interest will cross Rs.10,000 this month. Do I have to compulsorily file Form 15G/H? My age is below 65 yrs. Thanks for answering my question.	"

You can submit Form 15G (not being a senior citizen), only if your expected annual income will be below Rs. 160000/-

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB) (9060 Points)
Replied 26 November 2009

u must check the following conditions first :

1. there is no tax on total income of the previous year 2009-10 and

2. total of income covered by section 193, 194, 194A and 194EE should not increase the amount of exemption limit (Rs. 160000)

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Krutesh Patel (ACA) (727 Points)
Replied 26 November 2009

You have to submit Form 15G if you don't want to deduct TDS.

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Priyanka (Chartered accountant) (371 Points)
Replied 27 November 2009

sir, u will have to submit form 15G only if u r taxable income is below Rs.160000. u r taxable income should include all income from business / salary / other interest deducted by investments upto Rs.100000. further there is no obligation on u to submit that form. 15G is to be submitted only if person does not want to deduct tax at source and his income is below taxable limit. even if u do not submit that form, u can claim refund of that TDS by filling Income Tax Return

P-A-W-A-N (TAX - MANAGER AT GURGAON) (541 Points)
Replied 27 November 2009

YES ...

ALPESH KUMAR (SUPRITENDENT) (140 Points)
Replied 27 November 2009

Yes, u have to file 15G as the ur age is below 65 years i.e. ur not a senior citizen as per IT rules. UR income should be below taxable limit i.e. below, 160000/-.