Form 15G eligibility for individuals
This query is : Resolved
22 July 2025
A individual has gross total income of rs.5 lakh for previous year 2025-26 including interest income of 51650 after rebate tax liability will be nil.
Is he eligible to file form 15G ?
Here GTI more than basic exemption limit 400000
Section 197A(1B) of the Income Tax Act says:
> “The provisions of sub-section (1A) shall not apply where the Amount Of Income or the aggregate of the amounts of income... exceeds the Maximum Amount which is not chargeable to income-tax.”
My interpretation of "Maximum Amount " is gross total income .
Is he eligible to file form 15G ?
Here GTI more than basic exemption limit 400000
Section 197A(1B) of the Income Tax Act says:
> “The provisions of sub-section (1A) shall not apply where the Amount Of Income or the aggregate of the amounts of income... exceeds the Maximum Amount which is not chargeable to income-tax.”
My interpretation of "Maximum Amount " is gross total income .
22 July 2025
Term "Maximum amount which is not chargeable to Tax" is Rs. 3 lakhs...
Form 15H cannot be filed...
Form 15H cannot be filed...
22 July 2025
Thanks sir for reply with due respect I will make a small correction limit will be 4 lakhs as per budget 2025 for new tax regime.
I am confused about whether only interest income is compared to basic exemption limit or aggregate of income is compared to basic exemption limit.
I am confused about whether only interest income is compared to basic exemption limit or aggregate of income is compared to basic exemption limit.
22 July 2025
1. Yes, for AY 2026-27 it has been increased to 4 lakhs, but the income here is around 5 lakhs so not applicable to file form 15G.
2. Here, aggregate income is considered.
2. Here, aggregate income is considered.
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