Question on TDS of Fixed deposit 15G

POSTED BY bineet_mehra ON March 24, 2015 9:20 pm ONE COMMENT

I worked in Govt Organization from Dec 2008 to Aug 2012.

In Sept 2011 i started a fixed deposit which matured after one year and on next day of maturity TDS was deducted by the bank. This Fixed deposit is still active and TDS is being deducted according to GOvt rules at periodic time. Other than this i started other FDs in 2013 and in 2014 and TDS were deducted for all the accounts. I did not know i had to include this TDS also in my income tax return.

I filed return for only the income I earned while I worked for the govt organization i mentioned.The return i filed was for FY 2012-2013 and I filed it in july 2013. Kindly suggest me what should i do for TDS deducted on my FDs. Since 2012 Sept i am living abroad for study purposes. Also am I eligible for Foam 15G. Please help me with regard to filing return for TDS deducted on my FDs. Thanks

One reply on this article “Question on TDS of Fixed deposit 15G”

  1. There can be two cases. Your income exceeds taxable limit or not. If not, you can provide 15G to bank concerned to advise them not to deduct TDS. This is for the current year. If TDS was deducted and your income is less than taxable limit, you can revise your return to get back the money. Please check with a cA if 3 year old return can be reopened now.
    If you are in 10% tax bracket, your TDS will suffice and you can revise the return with the correct info. Else, you can keep the receipts and show them when demanded.
    If you are in higher tax bracket, you obviously omitted the interest income. You can revise your return and pay the balance + penalty.
    If you have to pay, please contact a CA, get the calculation correctly done and proceed.

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