Please tell the meaning of lower tds .& diff. between form13 & 15G ?
Tushar shah (Article) (311 Points)
24 May 2010Please tell the meaning of lower tds .& diff. between form13 & 15G ?
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 24 May 2010
Lower TDS rates means TDS rated which are below the normal TDS rates.
Form 15G is a kind of declaration form in which the assessee declares that his Gross Total Income is below the maximum taxable limit. So his TDS should not be deducted.
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 24 May 2010
Agree with Mr. Shudanshu
CA,CS, ICWA Inter MANOJ KEDIA
(Working With Educomp)
(99 Points)
Replied 24 May 2010
so dif between Form 13 & 15 as below
Form 13- Wher Actual tax liablity will be lower than TDS deducted
Form 15G- Where actual tax liablity will be Nill
Sunali
(Learner)
(1317 Points)
Replied 25 May 2010
Originally posted by : Tushar shah | ||
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Please tell the meaning of lower tds .& diff. between form13 & 15G ? |
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Form 15G is filed when any person having income from salaries or interest is not having taxable gross income. This form is generally filed with Banks (in case of TDS on FDR Interest), to take one example.
Then, there is Form 15H which is to be filed in case of senior citizens, however, in this case taxability of net income is to be considered, hence benefit of SEC 80C etc will be available.
U/s 197 of the IT Act, there is a provision, under which if a person is not liable to tax or due to the lower taxable income, feels that TDS should be deducted at lower rate as comapred to the rates in force, he can file declaration under this section.
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