TDS prorata - 15G

Mr.NewJoinee There is a responsibility on the part of the payer of the income. If he does not receive the form no.15G he must deduct the tax from the amount of income either ciredited to the account of the payee or actully paid to the payee. Hence in your case if the income for the periods mentioned by you is credited to the account of the payee the payer must deduct tax at source. Best Wishes Sathikonda

Dear New Joinee, I agree with Sathikonda.. Further the period is mentioned in Form 15 G during which it applies.

Form 15G

This form is for the age below 65. For example, Mrs. X earns Rs.25000 from the interest in a year. She does n’t have any other income and housewife. She is eligible to file the form 15g and give it to the bank before March 31st. The tax will not be deducted from the source. There is no need to get the approval from income tax officers.

Mr.Rahul Bansal Yes, there is no need of getting prior permission from the department as you said. But sub-rule (3) of rule 29C of Income-tax Rules, 1962 casts a responsibiiity on the person who receives the form from the payee, that the person has to submit a copy of the said form to the Cheif Commissioner of Ncome-tax or the Commissioner of Income-tax as the case may on or before 7th of the subssequent month of the receipt of the form. Best Wishes Sathikonda

 Mr. X earns Rs.45000 from the interest in a year. He does n’t have any other income. He is eligible to file the form 15g and give it to the Firm or Company before March 31st. The tax will not be deducted from the source towards the Interest on Securitires. There is need to get the approval from income tax officers.