Wrongly submitted form 15 g, please give remedy..

TDS / TCS 1701 views 3 replies

My client has taxable income

the bank told him to submit Form15 G otherwise 20 % TDS and 12.36% service tax would be leviable...

So, mistakenly he submitted Form 15 G for F.Y. 2011-12 and F.Y. 2010-11.

Accordingly his entire interest income is refunded to him by the bank (as I saw his passbook today).

As per my knowledge, he should not have submitted Form 15G AS HE HAD TAXABLE INCOME....NOW CAN SOME EXPERT PLEASE HELP ME BY GUIDING AS TO HOW SHOULD I RECTIFY HIS MISTAKE  ??

Replies (3)

You have to file return of income and pay the tax as per computation considering the gross interest income.

As tds has refunded by bank means all interest is as gross interest, so just add it in gross total income and pay tax. Mr. Prateek is correct.

Thank you, Deepak and Prateek


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