Query relating form 15g

This query is : Resolved

Rohit (Querist)
Follow

30 March 2012 Suppose my income (excluding interest income) is Rs.150,000/-
Interest income - Rs.50,000/-
Exempt income - Rs.5000/-
80C deductions - Rs.80,000/-
Can I issue Form 15G?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

30 March 2012 Since your income tax liability is NIL, you can submit Form 15G.

Message likes : 1 times

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

30 March 2012 u CANNOT GIVE FORM 15G IT APPEARS THAT THE TOTAL RECEIPTS IN UR CASE EXCEED THE BASIC EXEMPTION LIMIT AND IN SUCH CASES AS PER SECTION 197A(1B) NO FORM 15G CAN BE ISSUED
CA MANOJ GUPTA
JODHPUR
09828510543

Message likes : 1 times

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

30 March 2012 Dear Manoj sir, Section 197(1B) refers to incomes for which Form 15G is sought to be provided.

SUCH income (income on which TDS is required to be deducted) should not exceed the exemption limit.

It does not say total income. It says SUCH income.

The Section is as under:

The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to income-tax.

It refers to incomes under sub-section 1& (1A), i.e., income on which TDS is required to be deducted.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

rana andcompany

MAYUR

Tanuj Kumar Sharma

Aravind S

UPENDRAN YADAV

Subscribe Now

Query relating form 15g

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA