If I gave a declaration in Form No. 15G to a bank for not deducting TDS on interest and later on after the close of financial year found that tax needs to be paid, would there be any complications while filing the return after payment of tax? Would the Income Tax department raise objections on it?
Please Guide me !!
In cases where it can be very clearly computed tht Annual Income is more than the minimum taxable limit - you should furnish Form 15G. For eg: Salary wherein the Estimated Annual Income can be easily computed
However - in all other cases you can furnish Form 15G and in case at the end of the year your Income is found to be taxable, there wont be any issue till the time the difference between the actual income and the income exempt is not significantly large..
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