Dear All,
One of query is that if somebody total income 345000 deduction under section 80c is 150000 is this person is eligible to submit for 15G to the bank if bank pays lumsum interest to him 40000
Amit Kumar (Accountant) (276 Points)
01 September 2016Dear All,
One of query is that if somebody total income 345000 deduction under section 80c is 150000 is this person is eligible to submit for 15G to the bank if bank pays lumsum interest to him 40000
Venkatesh Dangeti
(CA Final)
(881 Points)
Replied 01 September 2016
Unnikrishnan B
(Branch Manager)
(740 Points)
Replied 01 September 2016
Sir, You can submit 15G provided the interest income from the bank do not cross the basic exemption limit.and the interest income will be displayed to income tax department if PAN number is provided to bank .if above 60 years then 15H to be sumitted.as per rule bankers to submit the details of 15G to income tax department and also bank have to provide the details throgh Annual Information Report
Hope the doubt is clear
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 02 September 2016
15G is a valid application form to banks for non deducted Tax on interest income when Taxable income does not exceed Taxable limit. This application is valid for once in a year.
Eligibility criteria/ condition to be fullfilled to apply 15G:
sushant
(JOB)
(144 Points)
Replied 02 September 2016
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 02 September 2016
according to information provided by you, you can file form 15G
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