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Form 15g

Akshay Shah (ACCOUNTING) (28 Points)

05 April 2015

For Example: Consultancy income-400000 Interest on fd-100000 Less:deductions-150000 Tax on total income -10000 Tds on comsultancy-40000 Refund - 30000 No tds deducted on fd. In such cases where the income exceeds the basic exemption limit but there is tds on consultancy and the final refund on income. Can form 15G be given in such cases in the bank for no tds deduction?

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Santhosh Kumar (CA-FINAL) (78 Points)
Replied 05 April 2015

For giving Form 15G, the following are the eligibility conditions:

1.the person should be an Individual/HUF & Resident of India

2.Tax on estimated total income shall be nil (or refund) (The tax on Consultancy Income is served by TDS and hence the tax on total income comes to refund.)

3.Total interest income shall not exceed basic exemption limit. (Rs.1Lakh < 2.5Lakhs)

In this case all the conditions are satisfied and hence you are eligible to give Form-15G to get rid of TDS.