15g and 15h

This query is : Resolved

Ganeshbabu K (Querist)
Follow

08 April 2013 can we submit form 15g and 15h if assesse is liable for tax audit
but income from interest on fixed deposits is not exceeding income which is not chargeable to income tax

Thank you for your time...

awaiting for reply

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

09 April 2013 No, you can't submit form 15g and 15h, Because of who has gross total income exceeding basic exemption limit or who are the income tax assesseess are not allowed to submission of form 15g or 15h.

So your case is tax audit case i.e the person should be income tax assessee so he can't submit form 15g or 15h.

OM SAI SRI SAI JAI JAI SAI

Message likes : 1 times

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
Follow

09 April 2013 Dear Author,

In order to be eligible to furnish Form 15G, the non-senior citizen investor needs to fulfill the following two conditions:

1. The final tax on his estimated total income computed as per the provisions of the Income Tax Act should be nil; and
2. The aggregate of the interest etc. received during the financial year should not exceed the basic exemption slab which is Rs 2 Lacs.

If both these conditions are satisfied, Form 15G may be furnished to the bank or the post office and the entire interest income can be received without tax deduction.

Form 15H imposes just the first condition, in that, the final tax on the investor’s estimated total income computed as per the provisions of the Income Tax Act should be nil. The second condition imposed by Form 15G is not applicable in the case of Form 15H.

Message likes : 1 times

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
Follow

09 April 2013 so I Mean to Say is:-
Tax audit is not at all the criteria for applicability of form 15G.

criteria is just two conditions whoch is discussed already.

Ganeshbabu K

Ganeshbabu K (Querist)
Follow

09 April 2013 Thanks for clarifying me,

it was cleared now

Ganeshbabu K

Ganeshbabu K (Querist)
Follow

09 April 2013 i have an idea of only second condition so i thought that he is not earning 2lakhs interst so he can give 15g,

okay, thanks for clearing me sir,

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now