05 December 2011
A person has submitted form 15G,estimating that his total income is below taxable limit,and at the end of the year his taxable income exceeds 1,60,000. He paid tax on his income. In this case is there any contradiction with 15G submission ?
Guest
Guest
(Expert)
06 December 2011
06th December, 2011
Form 15G is filed based on an estimation of Total Income. Actual income for the financial year may exceed the taxable limit for which the assessee has filed his Annual Return and paid tax thereon.
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