15g submitted- interest exceeding the limit

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Employee
40 Points Posted on 04 December 2018

Submitted 15G to bank against few FD's but now the total interest income of the FD's exceeds the 2.5 L limit for the financial year 

Will TDS be now automatically deducted by the bank once it crosses 2.5 L limit(it's a quarterly payout) and ignoring 15G submitted and  thus making the submitted 15G null and void.

 

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On 04 December 2018 at 16:28 Report
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256 Points Posted on 04 December 2018
pls understand 15 g concept.
from all banks ur 15 g will reach dept.
dept will imm knows ur income and ur ineligibility forchoosing 15g.
it us illegal.
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On 04 December 2018 at 16:38
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Accountant
69 Points Posted on 04 December 2018
for tds deduction ur interest income will be considered and not income tax slab rate.... if interest exceeds 10k tds will be deducted by bank
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On 04 December 2018 at 18:59
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256 Points Posted on 04 December 2018
even otherwise knowingly submitting 15 G When u have taxable income is against law.
everything us available in 26 AS.
UNNECESSARILY ONE MUST NOT INVITE PROBLEMS BY SUCH SUBMISSIONS.
INSTEAD SHOW INTEREST ALONGWITH UR OTHER SOURCES OF INCOME AND PAY TAX ON THEM.
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On 04 December 2018 at 19:07

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