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Form 15G Vs 139(1)

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231 Points Posted on 24 January 2023
A person received FD interest of 45000 and he will submit the form 15G.
Now TDS will be deducted or not?
Because as per the seventh proviso to section 139(1), if tds deducted is 25000 or more, a person is required to file the return.

what's your opinion?
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On 24 January 2023 at 13:08 Report
Replies (5)
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student
104 Points Posted on 24 January 2023

When form 15G is accepted by bank, TDS will not be deducted by it.

1 Reply
On 24 January 2023 at 14:11
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CFO- at NHTF
58280 Points Posted on 24 January 2023
If the Gross total income is below tax exemption limit then you may submit form 15G/ 15H for not deducting tax on FD Interest
59 Reply
On 24 January 2023 at 14:36
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Profession Business
28207 Points Posted on 24 January 2023
Sec 139(1) and 15G is different . Both are from different perspective.
1. 139(1) requirement of pan and others . assesse needs to file return of tax when??
2. 15G IS DIFFERENT.
DISCLOSURE OF INCOME WHEN REQUIRED.
44 Reply
On 24 January 2023 at 17:42
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CFO- at NHTF
58280 Points Posted on 25 January 2023
If Income from all sources is above basic tax exemption limit then you have to file ITR .

Do you have only interest income ?
59 Reply
On 25 January 2023 at 07:43
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Profession Business
28207 Points Posted on 25 January 2023
It's implied.
44 Reply
On 25 January 2023 at 08:58


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