Learner
1317 Points
Joined August 2008
Originally posted by : Tushar shah |
 |
Please tell the meaning of lower tds .& diff. between form13 & 15G ? |
 |
Form 15G is filed when any person having income from salaries or interest is not having taxable gross income. This form is generally filed with Banks (in case of TDS on FDR Interest), to take one example.
Then, there is Form 15H which is to be filed in case of senior citizens, however, in this case taxability of net income is to be considered, hence benefit of SEC 80C etc will be available.
U/s 197 of the IT Act, there is a provision, under which if a person is not liable to tax or due to the lower taxable income, feels that TDS should be deducted at lower rate as comapred to the rates in force, he can file declaration under this section.