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Fd taxation

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akshay mohite

70 Points Posted on 11 April 2023

my father is retired on July 2022,has opened FD of Rs 10 lakhs on sep 2022,in October he submitted 15G in bank whether he need to submit 15 G again in this April for tax not getting deducted ?

Replies (3)

Quick Summary

This discussion clarifies Fixed Deposit (FD) taxation for retired individuals, particularly concerning Form 15G. For the financial year 2022-23, Tax Deducted at Source (TDS) applies to FD interest exceeding £40,000. A senior citizen can submit Form 15G to prevent TDS if their total income for the previous year was below the taxable limit and no tax was applicable. It's important to note that Form 15G may need to be resubmitted if circumstances change or for a new financial year.

sabyasachi mukherjee

Profession

19978 Points Posted on 11 April 2023

Pls post actual income to assess the above tax liability . assrsse senior citizen or not?

Mahesh Shah

1175 Points Posted on 11 April 2023

If FD int in aggregate exceeds 40000/- then form 15 G to be submitted ( if ITR to be filed is below taxable limit) if Income is taxable ..then no to file form 15

prasad Nilugal

GST Practitioner & Accounts

8998 Points Posted on 11 April 2023

1) As per section 194 A TDS applicable on FD Interest exceeds 40000/- for F.Y 22-23 .

2) You Can submit form 15 G if your FD interest exceeds 40000/- however condition is your previous year total income was less than basic exemption limit and tax not applicable (Nil) as per section 197 A( IA) of the Income tax act read with rule 29 C of the income tax rule .