my client has interest income and he dont want his income cut with tds and expects, his income would be much lower than the basic exemption limit fixed by the income tax. Now my question here is how would one know his income would be less than basic exemption at the begining of year or any point of time in a year and say if his income exceeded the basic exemption limit after submitting the Form 15G/15H(declaration asking for not to cut tds) to a banker. how can we treat this type situation pls explain clearly. thanks for all the members.
3 Replies
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 14 May 2011
There is no need to inform the banker in the start of the year. Even, you can submit the 15F / 15G at the time when the tax is deducted. Usually, in banks, the tax is deducted on 31st March, i.e. at the time when the interest is credited. In such case, in february you can estimate your income. So, at this point of time you inform the bank by way of declaration in form 15F / 15G.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 15 May 2011
| Originally posted by : Amol Gopal Kabra (CA,CS,DISA) | ||
 |
There is no need to inform the banker in the start of the year. Even, you can submit the 15F / 15G at the time when the tax is deducted. Usually, in banks, the tax is deducted on 31st March, i.e. at the time when the interest is credited. In such case, in february you can estimate your income. So, at this point of time you inform the bank by way of declaration in form 15F / 15G. |
 |
AGREE WITH THE REPLY
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 15 May 2011
| Originally posted by : Amol Gopal Kabra (CA,CS,DISA) | ||
|
|
There is no need to inform the banker in the start of the year. Even, you can submit the 15F / 15G at the time when the tax is deducted. Usually, in banks, the tax is deducted on 31st March, i.e. at the time when the interest is credited. In such case, in february you can estimate your income. So, at this point of time you inform the bank by way of declaration in form 15F / 15G. |
|
AGREE WITH THE REPLY
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