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TDS and Form 15G

Raj (ac) (155 Points)

07 April 2011

Hi all,

I have to submit my Form 15G but I am in confussion as my income is near the border of the tax slab, so in case if I submit form 15G and later find that I have crossed the tax slab will that be a problem?

Thank you in advance

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4 Replies

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 07 April 2011

this is just start of year, if u submit 15G and get taxable during the year, then u have to pay tax by self and file return, simple

15G is submitted on the basis of income previous year.

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Raj (ac) (155 Points)
Replied 07 April 2011

Previous year i was not taxable but was very near to the allowed tax exemption slab, so this year if I give form 15G based on my previous year...and later find my self taxable would that be a problem?

or another option is let them cut TDS and file for my refunds after tax deductions.

which one is better?

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 07 April 2011

even after submitting 15G u come under taxable limit, u have to pay tax and file return,

15G is issued on basis of previous year taxability and beleif that this year threshold limit would not cross, but in case it cross then there is no violation, but u have to file return by self after paying appropriate taxes.

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Raj (ac) (155 Points)
Replied 07 April 2011

Thanks, in fact last year due to this confusion i did not submit eventually i had to file tax and claim for refund last month since there was not tax liability.

Now i would submit form 15g avoid TDS.