09 April 2014
My F.D. balance in SBI is standing at Rs. 95000 till date i.e. 08/04/2014 but I am expecting to deposit further amount of around Rs. 10000-25000 sooner or later.
Do I need to submit form 15g this month to avoid tds? [I am not a taxpayer]
Can you please please please show or post a sample of filled form 15g.
10 April 2014
once you fill up the form 15G you will yourself know that you can submit or not.Given the facts that you are not attracting tax you can submit the form.
Better in your interest submit form 15g so that TDS is not deducted from your interest income, once submitted let your interest income be more than 10,000 i.e you deposit more than one lakh no problem, i suggest you to fill form15g at the earliest regards BHAVIN SHETH
10 April 2014
Dear Virnai, As per Income Tax Act 1961 if some one's expected income is not falling under taxable income for the particular Assessment year then it needs to fill Form 15G. Your FD is Rs 95000/-which is not an income for that year. only its interest will be taken in consideration and Rs 10000- 25000/- as income. so you are not falling under tax bracket Therefore, you need to fill Form 15G to avoid TDS. Form 15G is not taugh enough to fill up.You may take support from your bank for the same. Regards CMA Md Shakil
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