Applicable of 15g form
This query is : Resolved
27 May 2013
SIR,
CAN YOU CLARIFY THE FOLLOWINGS:-
1 I HAVE INTEREST INCOME FROM ONE BANK 1.00 LAC AND FROM ANOTHER BANK 1.10LAC
2.I WILL INVEST RS.20000/- IN BANK FD U/S 80C
HENCE MY INCOME IS BELOW TAXABLE LIMIT.
CAN I SUBMIT FORM 15G IN BOTH BANKS.
WITH REGARDS,
SHIV KUMAR AGRAWAL
SIR,
CAN YOU CLARIFY THE FOLLOWINGS:-
1 I HAVE INTEREST INCOME FROM ONE BANK 1.00 LAC AND FROM ANOTHER BANK 1.10LAC
2.I WILL INVEST RS.20000/- IN BANK FD U/S 80C
HENCE MY INCOME IS BELOW TAXABLE LIMIT.
CAN I SUBMIT FORM 15G IN BOTH BANKS.
WITH REGARDS,
SHIV KUMAR AGRAWAL
27 May 2013
You are not eligible to submit form 15G
because your income from interest exceeds basic exemption limit,
see following condtions
Form 15G can be submitted by non-senior citizens i.e. individuals who are less than 60 years of age and who satisfy both the criteria’s mentioned below:-
1. The final tax on his estimated total income computed as per the provisions of the Income Tax Act should be nil
2. The aggregate of the interest & other incomes received during the financial year should not exceed the basic
exemption limit as per the prevalent Income Tax Slabs
because your income from interest exceeds basic exemption limit,
see following condtions
Form 15G can be submitted by non-senior citizens i.e. individuals who are less than 60 years of age and who satisfy both the criteria’s mentioned below:-
1. The final tax on his estimated total income computed as per the provisions of the Income Tax Act should be nil
2. The aggregate of the interest & other incomes received during the financial year should not exceed the basic
exemption limit as per the prevalent Income Tax Slabs
28 May 2013
You can submit form 15G to both banks since tax on the estimated 'total income' is NIL. Please see section 197A(1A) for details.
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