Form 15 G Submitted to Bank, What if income falls in the taxable slab ?

POSTED BY Harsh__Rathod ON February 6, 2015 12:33 pm COMMENTS (2)

Hi All, I have certain number of FD’s in SBI. In beginning of financial year I had submitted form 15 G to bank. If I understand it right, even if the interest on FD’s go beyond 10,000 Bank will NOT deduct TDS since I have submitted form 15 G. By submitting form 15 G , I am promising to my bank that my income will not come under taxable slab which is my assumption at beginning of financial year.

What if at the end of financial year, my total income become eligible for taxation ? Bank will assume that since my income is not in taxable range, it will not deduct TDS. If my income becomes eligible for taxation, will I be penalized for making a false declaration with bank by submitting form 15 G ?

Thanks in Advance. Please Respond.

2 replies on this article “Form 15 G Submitted to Bank, What if income falls in the taxable slab ?”

  1. I don’t see any issue in this case. You just need to deposit the tax from your end in that case. That’s all .

    Manish

    1. subhaschandrac says:

      File Income tax return for the relevant year showing the income earned from other source like interest Income after getting certificate of Interest income from concerned Bank

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