Income Tax under section 195, Income Tax

[MITSUI PRIME]

Dear Sir,

We have regular submitted our income tax return and some tax deposited , can we have submitted form 15G to bank for TDS saving on FD interst 

please provide your valuable suguation as soon as posssible.

Regards

 Arjun Sachdeva

 

Posts / Replies

[Seetharaman K C]

The main difference between Form 15G  and 15H is that Form 15G is meant for non-senior citizens whereas Form 15H is meant for senior citizens only.
In order to be eligible to furnish Form 15G, the non-senior citizen investor needs to fulfill the following two conditions:

1. The final tax on his estimated total income computed as per the provisions of the Income Tax Act should be nil; and
2. The aggregate of the interest etc. received during the financial year should not exceed the basic exemption slab which is Rs 1,80,000 for men and Rs1,90,000 for women.

If both these conditions are satisfied, Form 15G may be furnished to the bank or the post office and the entire interest income can be received without tax deduction.

In your case you have stated that you have been paying income tax and presumably would be paying for the current year also. If this is in the affirmative then you cannot submit 15G Form , also if your interest income exceeds the basic exemption list you cannot submit Form 15G form