Regarding form 15g

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2013 Dear Sir/Mam
If the person has not submitted form 15G in the starting of the Financial Year and has submitted it to the bank near about in mid of the year,then can he claim the TDS deducted on his FD interest as refund while filing the personal return??If Yes,then how such would be shown in personal return to take refund??

Ganeshbabu K

Ganeshbabu K (Expert)
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05 July 2013 You should show interest received in FD in other income head and provide details of tax deducted in tds sheet as per form 16A/ 26AS

you also need to provide his source of income like

income from salary,houseproperty,capital gain,and profit and gains of business profession if any

your refund depends on your computation after providing such details

Thanks & regards
Ganesh babu k

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 July 2013 yes,agreed with the expert.

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 SIR DOES IT MEAN THAT
SUPPOSE THE INCOME OF THE PERSON IS 190000/-AND FD INTEREST IS 15000/- ACCORDINGLY 10%OF 15000=1500/- WILL BE SHOWN AS TDS REFUND BECAUSE FORM 15G CAN BE FILLED ONLY WHEN PERSON'S INCOME IS LESS THAN EXEMPTION LIMIT.

AND IF PERSON'S PAN IS SHOWN AS PANNOTAVBL IN TDS RETURN THEN 20%OF 15000=3000/- WILL BE SHOWN AS REFUND AFTER CORRECTION OF PAN IN TDS RETURN.AM I RIGHT IN BOTH SITUATIONS???

Ganeshbabu K

Ganeshbabu K (Expert)
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06 July 2013 Yes..you are correct..
please note he can give form 15G only if satisfies below conditions

1)if his tax on estimated total income is nil

2)if interest received during financial year not exceeds basic exemption list

He can claim TDS in ITR if he is having credit in 26AS and having TDS certificate
in his PAN

Thanks & regards
Ganesh babu k

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