matter of income tax

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19 July 2011 GOOD EVENING TO ALL EXPERT ,
CAN ANY 1 TELL ME WHY WE FILL FORM 15G WHAT IS THE BENAFIT OF IT

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 July 2011 If form 15G is given to somebody by you, that means the person who is paying any income to you, say interest of Rs 25000/-
then he will not deduct TDS on that sum.

He will give you full amt chq of Rs 25000/-.
If you do not give him Form 15G, the payer will deduct TDS @ 10% i.e. Rs 2500/- and will give you a cheque of Rs 22500/-.

Form 15G can not be given by a person whose gross total income exceeds the taxable limit.

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