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TDS -whether legitimate or not

06 April 2022

The total estimated income from interest on fixed deposit of an individual is 480000/-.for the previous year 2022-23. Form 15 G filed for claiming income without deduction of tax,since availing rebate of tax u/s87A,since total income is below 5lakhs.
But the TAN holder concerned deducted tax at source. Is it legitimate?

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5 Replies

Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 06 April 2022

No . It's not legitimate ..

How much is your age ?

Chirag (Professional) (1979 Points)
Replied 07 April 2022

You have wrongly filed 15 G ,two conditions to be satisfied for getting benefit of 15G
1. Your total income including the income for which 15G/H is filed is after exemption or deduction is less than non taxable amount ie. 2.5 Lacs

2. Your income under 15G/H should be less than 2.5 Lacs ,

suppose Mr.x has salary income of 2 Lacs and interest income of 1 Lacs then he can file 15G/H

If here in this case interest income is 2.6 Lacs and salary 2 Lacs ,he can't file 15G/H and bank will debit tds @ 10%...even though total tax payable post rebate is nil ...

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