Interest Income more than 10000 - Do I need to file Form 15G

aadhyayan @ gmail.com

yes u hav to submit it if your Taxable income of P/Y is below Rs 160000.

You can submit Form 15G (not being a senior citizen), only if your expected annual income will be below Rs. 160000/-

 u must check the following conditions first :

1. there is no tax on total income of the previous year  2009-10 and

2. total of income covered by section 193, 194, 194A and 194EE should not increase the amount of exemption limit  (Rs. 160000)

 You have to submit Form 15G if you don't want to deduct TDS.

sir, u will have to submit form 15G only if u r taxable income is below Rs.160000. u r taxable income should include all income from business / salary / other interest  deducted by investments upto Rs.100000. further there is no obligation on u to submit that form. 15G is to be submitted only if person does not want to deduct tax at source and his income is below taxable limit. even if u do not submit that form, u can claim refund of that TDS by filling Income Tax Return

Yes, u have to file 15G as the ur age is below 65 years i.e. ur not a senior citizen as per IT rules. UR income should be below taxable limit i.e. below, 160000/-.

Is it compulsory to file Form 15G or 15H with I.T. department.

 Whether form 15G or form 15H  has been made ineffective  effective  A.y. 2010-2011.

TDS has to be compulsorily deducted from Interest Income.