annasrikanth (student) (202 Points)
07 April 2011
Dear Sir / Madam,
This is Srikanth, Karnataka , I got income more than 160000 /- for ay 11-12 & I also have the savings which are eligible for deduction u/s 80C, after considering the deductions my income will be less than taxable income, than is I am eligible for filling Form 15G for non deduction of tax U/s 197A
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 07 April 2011
Balaji
(Knowledge Seeker)
(317 Points)
Replied 09 April 2011
Form 15-G can be submitted only when the total income(before deductions under Chapter VI A like Sec. 80-C,80-D etc.) is below the maximum amount not liable to tax.In your case since the total income is above Rs.1.60 L,it would be incorrect to submit Form 15-G.You may note that Senior citizens who submit Form 15-H are allowed to do so if the net taxable income(after all deductions) is below the basic exemption limit.
CAclubindia
