Query about form 15g

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 sir,i m a salaried perxn livin in bnglor havin incom more thn statutory limit also hvin bnk account in citi bnk....am i eligible for filin form 15 g .....can anybody assist my querry...?

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2014 urgently requird solution for above....

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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10 August 2024 Form 15G is used in India to ensure that TDS (Tax Deducted at Source) is not deducted on certain types of income if the total income of the taxpayer is below the taxable limit. Here’s how it applies to your situation:

### **Eligibility for Filing Form 15G**

**1. **General Eligibility Criteria:**
- **Income Below Taxable Limit:** Form 15G is generally used by individuals whose total income is below the taxable limit. This means if your total income, including interest income and any other sources, is below the basic exemption limit, you can submit Form 15G to avoid TDS on interest income.
- **No Tax Liability:** You should not have a tax liability for the financial year, meaning your total income should be below the tax slab rates after considering deductions and exemptions.

**2. **Salaried Individuals:**
- **If Your Income Exceeds the Limit:** Since you mentioned that your income is more than the statutory limit, which implies it exceeds the basic exemption limit, you would not be eligible to file Form 15G. Form 15G is specifically for those whose total income is below the taxable threshold and where no tax is payable.

**3. **Filing Form 15G:**
- **Interest Income Only:** Form 15G can be used to avoid TDS on interest income from banks and other financial institutions if your total income (including interest) is below the taxable limit.
- **Taxable Income Consideration:** Given that your income exceeds the statutory limit, you would need to file your income tax return and pay any tax due. Form 15G cannot be used to avoid TDS if your overall income is above the taxable threshold.

### **When to Use Form 15G:**

- **Eligible Situations:** If your total income, including all sources such as salary, interest, etc., is below the basic exemption limit, you can use Form 15G for interest income to ensure that no TDS is deducted by the bank.
- **Ineligibility Scenario:** Since your total income exceeds the basic exemption limit, you cannot use Form 15G to avoid TDS. Instead, you should ensure that you declare all your income and pay any tax due as per the income tax slab applicable to your total income.

### **What to Do Instead:**

1. **Income Tax Return Filing:** Make sure to file your income tax return accurately, declaring all sources of income including salary and interest income.
2. **Advance Tax Payments:** If necessary, pay advance tax to cover any tax liabilities.
3. **Tax Planning:** Consider reviewing your tax planning strategies to optimize deductions and exemptions to manage your tax liability effectively.

### **Summary:**

- **Ineligible for Form 15G:** Since your total income is above the statutory limit, you are not eligible to file Form 15G.
- **Action Required:** Ensure accurate filing of your income tax return and payment of any applicable taxes based on your total income.

If you have any further queries or need detailed advice on tax planning and filing, consulting a tax professional or financial advisor may be beneficial.

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