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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
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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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