Form 15g/h

First try and adjust your income as to making new investments u/s 80C/D, and if it is not possible then make an application to concerned A.O. that such mistake has been made by me along with Form 15G/H you have submitted.

This will surely avoid penal consequences....!!

In future always consider all the probable incomes and always estimate the income more than 20% as a conservative approach, it is better having deducted the tax on income rather than doing all these excercises.

Dear Ravi,

Form 15-G can be submitted only when the total income before availing deductions u/s 80-C,80-CCF,80-D etc. is below the maximum amount not chargeable to tax.Hence strictly speaking even if you are able to avail of some deductions under Chapter VI-A to bring the total income below the taxable limit,it would be a false declaration.

You need to pay any tax which is due as per your revised calculations.In case of any queries at a later stage,you can always explain that you had submitted Form 15-G based on last year's earnings and a reasonable estimation of any changes to them.Though you might have wrongly submitted form 15-G for non-deduction of TDS,by paying your correct tax you could minimise the consequences.

Good question and equally well responded by Friends.

Regards,

FORM 15G/H IS DEPOSITED ON THE BASIS OF LAST YEAR INCOME NOT FOR SAME YEAR IF YOUR LAST YEAR INCOME NOT TAXABLE THEN AN INDIVIDUAL CAN SUBMIT FORM 15G OR H FOR NON DEDUCTION OF TDS ON INTEREST