According to the Income Tax Act, all Indian citizens are bound to pay income tax. Tax is even levied on your interest income from fixed deposits and similar other investment avenues as well. If your interest income on these savings instruments are more than Rs.40,000, financial organisations are authorised for tax deduction at the source, that is called TDS. The exemption limit was Rs.10,000 till 2018-19 financial year, but it increased to Rs.40,000 with effected from FY 2019-20. Form 15G is a self-declaration form to request your financer no to exact TDS. You can submit it both in online and offline. You have to provide your name, PAN details, Status, financial year, residential status, address details, email ID, contact number, details about your tax assessment year, details about your other 15G form submission, concerned income details, total income details, and details of your investment for assessment. From the Income Tax Department website and also from your financial institution’s website you can download this form. If you don’t submit it on time, TDS will be exacted from your account. Then, you have to claim a refund from the Department of Income Tax by filling ITR and also you need to fill 15G form as soon as possible so that no further TDS can be exacted.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |