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15g filling date

Naimesh (No) (52 Points)

23 July 2012

I have FD in bank on 6-4-2012 for Rs. 300000 in which intrst of Rs 27000. FD mature on 5-4-2013. Now my question is how many times i have to file 15G to bank for not deducting tax. >whether i have to file it before 31-3-2013 ? And also after 31-3-2013 but before 5-4-2013(maturity date) i think i have to file 15G two times. is it correct? Giv me suggestion.

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Devendra Singh (Chartered Accountant) (487 Points)
Replied 23 July 2012

See TDS is deductible at the time of maturity or at the time of credting interest into your account...in your case the interest amount is quite big, so most probable the bank will deduct TDS on accrual basis and therefore they will deduct TDS before 31-03-2013....so u have to submit 15G only once...and that too before the 31-03-2013...no need to submit it again after 31st March, as there will be no TDS next year.