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15g form submitted bymistake even if total income is taxable

Tax queries 4181 views 2 replies

amit joshi

Others

24 Points Posted on 26 April 2014

My annual total income is 2.3lacs hence took nsc from post to save tax but my fixed deposits are worth 3 lakhs giving 27k interest.

Being my first annual salary I didnt knew rule that total income should not be taxable for 15g form submission and as usual i submitted 15G form.

Now what to do??should i wait any letter from IT department or should tell bank???

(I took NSC before ending of financial year ie 2014 march but submitted 15G form now in april so cant take new any tax saving scheme now or is this 15G form submission is for next financial year so that i can withdraw these FD n invest somewhere else???)

Replies (2)

Arpit Pachisia

734 Points Posted on 30 April 2014

Hello Amit Ji,

You have submitted the form 15G for the assessment year 2014-15, for tax deducted during March 2014.

Well in my opinion, as you said that you had Nsc for Rs. 300,000 on which you are getting Rs.27000 as interest. So your total taxable income will be Rs. 257,000 less Rs. 27000 (exempt income) less you will deduction of Rs. 73,000 (u/s 80C) total of Rs.100,000. So your net taxable income will be Rs. 157,000 which is under the no tax slab.

So no mistake has occured while filing form 15G.

Thanking You