Income Increase after filing 15 form

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2011 Hi,

I have Fixed Deposit of 19 lac @9.25%.

Interest income = 175000
It is below exemption limit. So i filed 15 g with bank not to deduct tds as my income is less than the exemption limit.

After 2 months my father gave me gift of 10 lacs.
This is exempt as it is from relative.

I decided to invest in either Fd, mutual funds or nsc.

What are the repurcussions??

I will file return at year end and pay tax on the above income of fd plus the investment of 10 lacs my father gifted me.

But are any penalties attracted as i had no idea my income would increase and filed the form 15 g unkowingly.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 June 2011 Congratulations to you for receiving a huge Gift. " Mithai ka haq to hamara bhi Banta hey."

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It is important to know that when you have furnished Form 15G to the Bank. It is possible that it must be in the bank right now and might have not been deposited in IT.

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If you have recently furnished for the FY 2011-12, take a sweet box with you and inform the Bankers about this good news by writing a letter and request them to start deduction of tax. Also ask about the prevailing attractive rates on FDR for investing at least 25% out of the gift.

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We can wait up to the year end but the Bankers will not. Please request them to start TDS procedures in your case also.

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The circumstantial evidences are in your favour, otherwise also, nothing maximum than 3 years (min 3 months) rigorous imprisonment and fine can be levied in case of furnishing false declaration and verification in such cases.

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Filing 15G, 15H is not advisable in the cases of the assessees (depositors) having income nearer to the treshold limit.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2011 Thank you sir for your time.

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