Regarding 15g/15h

[samss]

I am 30 years old with annual income of 20 lakhs. Banks deduct TDS from interest earned in FDs as i don't submit 15g/15h. If interest from FDs is around 30k, should i submit 15g/15h to save tax or it is not useful for me?

 

[Wealth is my birth right!]

I am 30 years old with annual income of 20 lakhs. Banks deduct TDS from interest earned in FDs as i don't submit 15g/15h. If interest from FDs is around 30k, should i submit 15g/15h to save tax or it is not useful for me?

As long as u earn 20lakh u have to pay tax for this 30k interest too
15g and h for ppl who earn less than tax shields like current year 2.5l next year onwards upto 7lac exemption under new regime

 

[rp0703]

I am 30 years old with annual income of 20 lakhs. Banks deduct TDS from interest earned in FDs as i don't submit 15g/15h. If interest from FDs is around 30k, should i submit 15g/15h to save tax or it is not useful for me?

15G/15H is not for saving taxes. It's for people who has income less than basic exemption limit of Rs 2.5 or 3 lacs, so that banks or other person don't deduct TDS on the interest or other payments.

 

[Souvik]

I am 30 years old with annual income of 20 lakhs. Banks deduct TDS from interest earned in FDs as i don't submit 15g/15h. If interest from FDs is around 30k, should i submit 15g/15h to save tax or it is not useful for me?

Make it a habit to submit 15G/15H whenever you make a FD. For 20L CTC you still have a good enough chance to trim down your tax liability significantly by availing deductions in the old tax regime and opting for tax exemptions etc.

Its best you not let the bank deduct taxes on your behalf, and you pay your consolidated taxes during year end ITR filing. (If anything is payable)

After all your hard-earned money may be utilized for Kangana Ranaut's security, you never know. 🙂

 

[rp0703]

Make it a habit to submit 15G/15H whenever you make a FD. For 20L CTC you still have a good enough chance to trim down your tax liability significantly by availing deductions in the old tax regime and opting for tax exemptions etc.

Its best you not let the bank deduct taxes on your behalf, and you pay your consolidated taxes during year end ITR filing. (If anything is payable)

After all your hard-earned money may be utilized for Kangana Ranaut's security, you never know. 🙂

Bro, you can't submit 15G if your annual income is above basic exemption limit of 250000. He is earning 20L PA and is in highest tax bracket. Even after deducting 10% TDS on interest, banks are deducting less tax than he is liable to pay which is @30%.

 

[Copycat]

Make it a habit to submit 15G/15H whenever you make a FD. For 20L CTC you still have a good enough chance to trim down your tax liability significantly by availing deductions in the old tax regime and opting for tax exemptions etc.

Its best you not let the bank deduct taxes on your behalf, and you pay your consolidated taxes during year end ITR filing. (If anything is payable)

After all your hard-earned money may be utilized for Kangana Ranaut's security, you never know. 🙂

That is incorrect and dangerous advice. Unless you are eligible, you cannot fill 15G/H because if you do so when you are not eligible it amounts to making a false declaration. Banks in any case will not deduct TDS unless your interest income is 40000 or more
In this case particularly, where his CTC is 20L there is zero percent chance of him not being liable for payment of income tax

I ....................................................... do hereby declare that I am resident in India within the meaning of section 6 of the Income-tax Act, 1961. I also hereby declare that to the best of my knowledge and belief what is stated above is correct, complete and is truly stated and that the incomes referred to in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. I further declare that the tax on my estimated total income including *income/incomes referred to in column 15 *and aggregate amount of *income/incomes referred to in column 17 computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on .................... relevant to the assessment year .................. will not exceed the maximum amount which is not chargeable to income‐tax.

I ....................................................... do hereby declare that I am resident in India within the meaning of section 6 of the Income-tax Act, 1961. I also hereby declare that to the best of my knowledge and belief what is stated above is correct, complete and is truly stated and that the incomes referred to in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. I further declare that the tax on my estimated total income including *income/incomes referred to in column 15 *and aggregate amount of *income/incomes referred to in column 17 computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on ..................................... relevant to the assessment year ..................................... will be nil.

 

[samss]

Than

That is incorrect and dangerous advice. Unless you are eligible, you cannot fill 15G/H because if you do so when you are not eligible it amounts to making a false declaration. Banks in any case will not deduct TDS unless your interest income is 40000 or more
In this case particularly, where his CTC is 20L there is zero percent chance of him not being liable for payment of income tax

Thanks guys for replies.
Btw i asked due to confusion arising from lack of knowledge thinking about duplicate taxation with no purpose of hiding anything. I have always paid my taxes on time.

 

[Souvik]

Bro, you can't submit 15G if your annual income is above basic exemption limit of 250000. He is earning 20L PA and is in highest tax bracket. Even after deducting 10% TDS on interest, banks are deducting less tax than he is liable to pay which is @30%.

Bro, going by textbook material, you should not submit 15G, but in practice you never know if you would not be hit by a layoff this financial year and only have interest income and little salary to contend with. Truth is stranger than fiction !

Also 20L CTC not equal to 20L taxable income, he can still opt for suitable deductions/exemptions/salary restructuring and be eligible for zero tax liability. 20L or 25L what I have seen is that higher CTC has more of ESOP's and a big chunk goes to variable/performance-linked pay which again is not guaranteed.

Better to be safe than sorry later !

If you do not treasure/value your money, someone else will !

 

[rp0703]

Bro, going by textbook material, you should not submit 15G, but in practice you never know if you would not be hit by a layoff this financial year and only have interest income and little salary to contend with. Truth is stranger than fiction !

Also 20L CTC not equal to 20L taxable income, he can still opt for suitable deductions/exemptions/salary restructuring and be eligible for zero tax liability. 20L or 25L what I have seen is that higher CTC has more of ESOP's and a big chunk goes to variable/performance-linked pay which again is not guaranteed.

Better to be safe than sorry later !

If you do not treasure/value your money, someone else will !

20L is his annual Income not CTC as mentioned in the post. Also is asking for now, when he is earning 20L per annum.

 

[Souvik]

20L is his annual Income not CTC as mentioned in the post. Also is asking for now, when he is earning 20L per annum.

I usually assume it's CTC, habitual inconsistency.

However, let's agree on all disagreements and end this discussion here. We all know best what to do with our money. 😀

 

[rp0703]

I usually assume it's CTC, habitual inconsistency.

However, let's agree on all disagreements and end this discussion here. We all know best what to do with our money. 😀

Sure