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Issue of form 15 G

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surendra jain

74 Points Posted on 21 February 2024

in fy 23-24 income from salary and intrest is 6.9 lakh so i can issue form 15 G for not deducting TDS in new tax regime

Replies (5)

Quick Summary

This discussion explores whether an individual with an income of £6.9 lakh in FY 23-24 can submit Form 15G to avoid TDS deductions under the new tax regime. Form 15G is a declaration to prevent TDS, but requires that the tax on estimated total income for the year be nil. The applicability of this section to the new tax regime is questioned, with one opinion suggesting it's not possible as the income exceeds the exemption limit.

prasad Nilugal

GST Practitioner & Accounts

8998 Points Posted on 21 February 2024

Form 15G is declaration under section 1971(A) & 1971(1A) of the income tax act , for not to deduct TDS , however you have to fulfil condition under this section is that , Tax on his estimated total income of the previous year ,in which such income is to be included in computing his total income will be Nil ,

you have confirm that this section is applicable to New Tax regime or not , so please take more Opinion on this .