Dear All,
One of query is that if somebody total income 345000 deduction under section 80c is 150000 is this person is eligible to submit for 15G to the bank if bank pays lumsum interest to him 40000
Menu
15g eligibilty
Replies (8)
no... not eligible
Conditions you must fulfill to submit Form 15G:
You are an individual or HUFYou must be a Resident IndianYou should be less than 60 years oldTax calculated on your Total Income is nilThe total interest income for the year is less than the minimum exemption limit of that year,
You are an individual or HUFYou must be a Resident IndianYou should be less than 60 years oldTax calculated on your Total Income is nilThe total interest income for the year is less than the minimum exemption limit of that year,
so, eligible to submit 15G
Sir, You can submit 15G provided the interest income from the bank do not cross the basic exemption limit.and the interest income will be displayed to income tax department if PAN number is provided to bank .if above 60 years then 15H to be sumitted.as per rule bankers to submit the details of 15G to income tax department and also bank have to provide the details throgh Annual Information Report
Hope the doubt is clear
Definitely form can be filed
15G is a valid application form to banks for non deducted Tax on interest income when Taxable income does not exceed Taxable limit. This application is valid for once in a year.
Eligibility criteria/ condition to be fullfilled to apply 15G:
- Individual/HUF
- Indian resident
- Less than 60 yrs old (for 60+ 15H)
- Tax liability should be Nil
- Total interest income for the year should be less than Rs. 250000 for FY 2015-16.
Can 15 g also be filed to a person deducting tax on rental income he's deducting tax even though individuals income below taxable limit and tds provisions limit
according to information provided by you, you can file form 15G
Recent Threads
- ITR filing STCG LTCG
- TDS deducted against PF withdrawal
- VRS / Severance Pay full exemption u/s 89 ( 10E fo
- Sponsorship fees GST
- Error in verification of ITR-2
- Form 12aa for Religious and Charitable trust
- Schedule 112A CSV template
- RNOR status and exemption on RFC account interest
- Upload error for ITR 2 filing after validation
- CCI Forum gets fresh Look ! Share your views
Related Threads
CAclubindia
