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Form 15g
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?
Replies (1)
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.
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