TDS on Fixed deposit

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Vaneet Monga (Querist)
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05 April 2020 Sir, I have made Fixed deposit in Punjab and Sind bank for the period of I year approximately interested Rs. 15400
Please suggest can we need to submit 15 G in Bank.

VIJAY KUMAR

VIJAY KUMAR (Expert)
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06 April 2020 Dear Vineet Ji,
Submission of 15G (for Ordinary citizens) and 15H (for senior citizens above the age of 60 years) depends on the taxable income levels, i.e., if your taxable income during the FY 2020-21 is going to be more than taxable slab of income i.e., Rs 2.5 lac/3 lac then you can not submit the above mentioned forms. If your income is more than as mentioned above then Let the bank deduct TDS and you may claim it back or adjust in your tax liability.

Prakash Kochar

Prakash Kochar (Expert)
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06 April 2020 Whether statutory deductions like standard deduction out of salary income 30% out of rental income, and also deductions u/s. 80C /G/D etc are to be considered for arriving at taxable income?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 April 2020 @ Prakash Kochar ... In my view Deductions allowable under chapter VIA from the Gross Total Income (GTI) like 80C, 80D are not to be considered. SD from Salary and rent are allowed to decide the GTI.

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Vaneet Monga

Vaneet Monga (Querist)
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07 April 2020 Sir, my annual income is Rs. 244500 including above interest. So can I submit 15 G form in bank.
One more thing TDs deduction limit by bank Is Rs. 10000 or 40000 please guide

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VIJAY KUMAR

VIJAY KUMAR (Expert)
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07 April 2020 Dear Sir,
if payment of interest is from bank it is 40k and from others 5 k is the limit.

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Prakash Kochar

Prakash Kochar (Expert)
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07 April 2020 cA Bafnaji- Jai Jinendra.
As per provisions of Sect 197A form15G/H may be submitted if the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be NIL. Does it means net taxable income after considering deductions u/s. 80, if income does not attracts tax liability?

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