Do we need to pay seperate income tax even if we fill Form 15G and 15H ?

POSTED BY Shailesh ON November 12, 2014 10:55 am COMMENTS (2)

Hi,

For investment in FD, usually bank asks to fill 15g/15h forms. As per my understanding these are used to not deduct any tax from bank (Tax deducted at Source) but if we are in 20%/30% tax bracket then we need to submit separate tax for these FD investment. Considering FD interest in one branch goes beyod 10k

Please correct here

Thanks in advance

2 replies on this article “Do we need to pay seperate income tax even if we fill Form 15G and 15H ?”

  1. Happyinvest007 says:
    November 17, 2014 at 11:27 am

    Thanks Hemanth.

    My father also has FD of 6 lacs and they do not have any other income. So do they need to file any tax return on interest received on FD (around 50k) or need to inform about his investment to income tax department?

    Thanks in advance.

    Reply
  2. Hemanth says:
    November 12, 2014 at 6:30 pm

    If you submit 15G then bank will not deduct money…. which doesn’t mean that you have to pay tax.

    In whatever tax slab you are there, you have to declare the income from FDs in ITR and have to pay tax as per your tax slab.

    Reply

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