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Form 15 G (Income Tax)

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This query is : Resolved


( Author )
05 March 2009

I have opened a new savings account in a nationalised bank. Is it mandatory that I have to fill From 15G? What is the purpose of Form 15G? When is Form 15 G used and the benefits one can derive from it? What is the Banks interest in the Form 15 G?


CA Nitin Wadhwani

( Expert )
05 March 2009

Form 15G is given by an individual to a bank for no deduction of TDS on interest paid since the income of account-holder is below the income chargeable to tax.


CA.SHAHZAD SAYYED

( Expert )
05 March 2009

Form 15G is a kind of intimation for not deducting TDS it's not mandatory for new opening of A/c unless you earn some income like Interest on deposit etc,
Form 15G is issued by a person whose income is below the basic threshold limit
by giving this form one can avoid TDS on his income,The Bank Interest behind demanding this form is claiming the expences/payment as deduction for their income computation


Shabu

( Author )
05 March 2009

Form 15 G has many columns. While filling the form what are the columns which is to be filled if I don't have any investments other than an FD of 1 Lakh? Is it wise to fill the form 15 G at the time of opening the account to avoid TDS? If not when is it to be filled?


CA Tilak Raj Sharma

( Expert )
06 March 2009

If you will provide PAN number and wants to deduct TDS on your interest income then there is no need to fill the form 15G.


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