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when I need to submit form 15g
Asked by Amit Kumar Narnoly -
7 years ago
Form 15G is for everyone whose income is below the taxable limit. But you cannot submit the Form 15G if you are already the tax payer. Here are some points when to submit form 15G.
# Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit.
# Submit this form before the first payment of your interest. It is not mandatory but it will avoid the TDS deduction. In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year. You have to file the IT returns and claim the refund from the Income Tax. To avoid these proces, good idea to submit the forms at the beginning of the assessment year.
# If the total income from the interest is above Rs.10000 in case of deposited in the banks or Rs.5000 in case of deposited in the companies like Tata Motors, Mahindra Finance,etc. Note that for the banks the total interest is calculated in each branch separately. If you have deposit in the many different branches, it will not be accumulated for the tax purpose. But, you will have to submit the details in the IT returns.
# TDS will be deducted at the rate of 10% p.a. up to 10 lacs.
# A fresh Form 15H needs to be furnished for each deposit that is placed with the Bank. For example you have many fixed deposit accounts in the same branch, you will have to submit for the each deposit.
# A consolidated TDS Certificate in Form 16A, for TDS deducted during a financial year will be issued in the month of April of the following financial year.
# Deposits held by minors are also subject to TDS. The persone who is guardian of the minor's income he can claim for the credit for the TDS.
7 years ago - By Nancy