15g
Dear Experts, I am working in a PSU and having gross income above tax exemption limit i.e more than 2,50,000. I also have interest income of more than 10,000 from Fixed Deposits,
which qualifies it for TDS deduction. But after considering my total income (salalry + interest income) and deductions allowed under Section 80-C, my tax liability for FY 2014-2015, works out to be zero. So, can I submit Form 15G to my bank so that there is no TDS deduction as I can always declare my interest income while filing of return? My branch is advising me not to submit it as I have taxable income before any deduction can be considered. Kindly advise.
Thanks & Regards,
Replies (2)
Dear Sir,
15G is issue on the basis of total income and not gross total income. So please issue the 15G and claim benefit of non-deduction.
as per income tax act your gross total income is below taxble then you have file 15G.
if your income is more thea taxlimit you have not file the 15G
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