TDS deduction form 15G
This query is : Resolved
Guest
Guest
(Querist)
04 April 2009
Assessee: Individual
Occupation : Medical professional
Is it possible to Give Form 15 G to the Bank and claim Nil deduction of TDS if the assessee already has a other income from profession which is taxable.
Subsequently when the income is received it is offered for taxation at the normal rates for an individual. The problem arises due to non receipt of certificate from the bank on the due dates of payment of advance tax thus assessee end up paying a little more amount of tax.
Please cite a case law in which such certificate has been accepted by bank and taxmann agreed
Occupation : Medical professional
Is it possible to Give Form 15 G to the Bank and claim Nil deduction of TDS if the assessee already has a other income from profession which is taxable.
Subsequently when the income is received it is offered for taxation at the normal rates for an individual. The problem arises due to non receipt of certificate from the bank on the due dates of payment of advance tax thus assessee end up paying a little more amount of tax.
Please cite a case law in which such certificate has been accepted by bank and taxmann agreed
CA JAIMIN TRIVEDI
(Expert)
04 April 2009
No. You cannot issue form 15G if tax liability will arise inlcuding the bank interest.
K V Subba Rao
(Expert)
04 April 2009
I agree with Sri Trivedi
Banks do provide TDS Certificates well before due date for filing Income Tax Return
Banks do provide TDS Certificates well before due date for filing Income Tax Return
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