I've submitted form 15G for 2 FD a/c but my income for '07-'08 is above non-taxable limit. What shud I do?

Question

Since I ve submitted form 15G, no form 16A or anything has been issued by bank to say interest earned or tax liability for the same.

How do I pay tax for this. Should I submit 15G for next financial year even if my total annual income is above non- taxable limit.

Answer 1

In the 1st place you were not supposed to fill form 15G.

Now get a "Accrued interest certificate" from the bank for the 2 FDs.

Fill Challan ITNS 280 and pay self assessment tax in SBI.

Show accrued interest as Income from Other Sources in your ITR.

Attach the certificate & challan to your ITR.

Do not submit 15G next year if you are not eligible.

Answer 2

Dear sir,

As per the provison one should not give form 15G if his or her income is above taxable limit after deduction of Chapter -Vi.

IN case of Financial year 2007-08 if no tax is dedcuted from your interest income and your net taxable income (after dedcution of chapter VI) is above 1,10,000/- Please calculate your tax liability and deposit by filling of Challan 280.

Answer 3

If u submit Form 15G they wont deduct TDS for your interest.

So this year U should pay tax for your interest earned. No other way.

Next year if your income is taxable then better dont give Form 15G. Let them deduct TDS

For Tax related queries

http://calculatetax.blogspot.com/

http://taxation-suchithra.blogspot.com/

Answer 4

File your tax return and pay the tax due. In the next year, you can not use Form 15G.

Read: http://mytaxes.in/index.php?topic=32.0