Please Help: T D S
Posted Date : 10-Jun-2012 , 02:23:14 pm | Posted By Kuldip Kumar
I deposit Rs290000 as FD for One year i have no source of income when i need to deposit 15G form to avoid TDS
Category : Income Tax | Answers : 6 | Comments : 0 | Hits : 204
Answers
Answer By: Vikash Kumar Jha
In the beginning of the year to avoid any wrong dedcution of TDS.
Answer By: Rishabh Upadhyay
Yes, TDS is a responsibility of bank to deduct from every client's FD account if the total amount payble to him in one finanicial year exceeds rs 10000. To avoid such TDS, in case the client do not have any other source of income, or have incomes the total of which do not exceeds the minimum amount liable to tax under income tax act, he needs to fill up form 15g/h at the start of financial year.
Answer By: CA. SURESH Kr. AGARWAL
Dear you can deposit the form 15G in the start of the FY, however the validity of the form is for the whole FY. In case you have not deposited then deposit it before the Bank deduct TDS.
Answer By: Rishabh Upadhyay
Also please note, that in case the interest amount for a particular year exceeds rs 5000 then bank is bound to deduct tds, even if form 15g/h is filed
Answer By: Rishabh Upadhyay
Kindly read Rs 5000 as Rs 50000 in the above reply.Pardon for mistake
Answer By: Rambabu Senkarasetti
Yes u can.
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