Form 16g and h

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Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2012 dear sir,
iam an individual male below 60 yrs and my income is rs 2 lac per annum, deduction u/s 80c is rs.50000, can i give form 15g to bank as they deducting tds on fdr.
and
2) which year should write in form 15g and form 15h. means that if person is sumitting form 15g then what we write f.y.2012-12 or f.y.11-12.
thanks in advance.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

31 May 2012 Since your GTI is 2lac, which exceeds the taxable limit, you can not give 15G. Demand refund of excess TDS .
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If Income is related for the period from 01.04.2012 to 31.03.2013, against Financial Year, write 2012-13 and against Assessment Year you have to write 2013-14.
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Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2012 dear sir,
so when to give form 15 g or h, is it in beginning of the year or after the end of the year if the income is related to f.y.11-12.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

03 June 2012 For AY 2012-13, it was supposed to file the Form 15H with the Income Tax Officer on or before 07-04-2012.
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For non Deduction of TDS during the current FY, Form 15G/H has to be submitted with the payer of the Income before any payment of income is made to the declarant.
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You have to submit the form to the payer of the income, to which he has to deposit with IT department before year end.
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