Tax query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 December 2011 Since 1/4/2011 till today X deposit only Rs. 2,04,000 in her Saving a/c. She makes an FD for which she will get interest @ 9% p.a.

When will Form 15G will be submitted by her before the end of March 2012 or in the month of April 2012.

She already crossed her basic exemption limit. (doubt basic exemption limit Rs. 190000 or 180000) How can she pay minimum tax?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 December 2011 TDS is deducted on a monthly basis. An assessee who wants to submit Form 15G should submit the same in the beginning of the year.

If the form is submitted in the middle of the year or at the end, TDS will not be deducted for the succeeding months only. TDS for the previous months has already been deducted.

Further, the form has to be submitted for each Assessment Year.

So, if the assessee submits the form in March, 2012 only TDS for the month of March will not be deducted.

Further, the exemption limit for women assessee for AY 12-13 is Rs. 1,90,000/-

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