whether Form 16G can be submitted in bank after TDS on Fixed deposit is deducted by bank???
3 Replies
Vivek Kumar Scholar - The TRP
(Tax Return Preparer)
(37 Points)
Replied 03 February 2013
There is no form 16G. There is Form 15G which is a declaration under sub section(1) and (1A) of section 197A of the IT Act 1961 to be made by an individual or a person claiming receipts without deduction of tax at source. If the individual is of age 65 years or more Form 15H is used.
In my view, such forms should be submitted to bank before they deduct tax.
Pankaj Gupta
(CA final & M.Com Student)
(3358 Points)
Replied 03 February 2013
Now even if you submit form 15h/15g, then also the bank will not credit the deducted amount of tax into your account. You can only claim it as refund through filling your return of income.
Pankaj Gupta
(CA final & M.Com Student)
(3358 Points)
Replied 03 February 2013
If you submit the form now then it will be applicable for future and thus the bank will not deduct any tds in future period. But now nothing can be done for the amount which had been deducted already.
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