Can a person earning taxable income give form 15G / 15 H for not deduction TDS on his investment?So that he can pay advance tax on his own.
4 comments:
Anonymous
said...
both the forms can not be given, if a person is in tax bracket + advance tax payer.Form 15 G is for persons who are below 60 years,and non tax payers. 15H is for above 60 years.
Suppose you have invested Rs 20 lacs in a Bank FD . you gets interest @8% , that’s Rs 1.6 lacs per year . Now ideally you are not supposed to pay any tax on this because this income is less than the limit . But bank cuts the TDS @10% and pays Rs 16,000 to the govt as TAX (Note that TDS is cut only when interest income is more than 10,000) . To get back this 16,000 back , you will have to file tax return and then wait for the tax refund to come back . FORM 15G for non senior Citizen and FORM 15H for senior citizens.
4 comments:
both the forms can not be given, if a person is in tax bracket + advance tax payer.Form 15 G is for persons who are below 60 years,and non tax payers. 15H is for above 60 years.
Form 15 G/H can be used for Interest income from Bank deposits even if the person is under taxable income from other sources
the investor paying tax or not that is different he informing the company hot to cut TDS in my income.
K. sriram
Siva sri Premier
Suppose you have invested Rs 20 lacs in a Bank FD . you gets interest @8% , that’s Rs 1.6 lacs per year . Now ideally you are not supposed to pay any tax on this because this income is less than the limit . But bank cuts the TDS @10% and pays Rs 16,000 to the govt as TAX (Note that TDS is cut only when interest income is more than 10,000) . To get back this 16,000 back , you will have to file tax return and then wait for the tax refund to come back .
FORM 15G for non senior Citizen and FORM 15H for senior citizens.
Post a Comment