Submission of form 15g..

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Dear Sir,
My estimated gross total income is Rs 300000/- and estimated total income is Rs 190000/- Can i give Form 15G to bank for not deducting TDS and what if expected total income is 205000/- and tax is 500/-

Is there is any penalty or prosecution on above income if i submit Form 15G.
Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 July 2013 You cannot file form 15G as your income GTI exceeds RS2,00,000 which is basic exemption limit.

Yes u can be penalised for providing false information and attempting to evade tax.

Ganeshbabu K

Ganeshbabu K (Expert)
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09 July 2013 Yes..you are eligible to submit form 15G and take this benifit..

Please note..

In order to be eligible to furnish Form 15G, the non-senior citizen investor needs to fulfill the following two conditions:

1. The final tax on his estimated total income computed as per the provisions of the Income Tax Act should be nil; and

2. The aggregate of the interest received during the financial year should not exceed the basic exemption slab.

If both these conditions are satisfied, Form 15G may be furnished to the bank or the post office and the entire interest income can be received without tax deduction.

Thanks & regards
Ganesh babu k

Ganeshbabu K

Ganeshbabu K (Expert)
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09 July 2013 For your reference,

Submission of Form 15H:-

Form 15H imposes just the first condition, in that, the final tax on the investor’s estimated total income computed as per the provisions of the Income Tax Act should be nil. The second condition imposed by Form 15G is not applicable in the case of Form 15H

Thanks & regards
Ganesh babu k

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