what is the limit for submitting form 15g in a bank. is it applicable for more than 50000 interest also
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what is the limit for submitting form 15g in a bank. is it applicable for more than 50000 interest also
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form 15g is a declaration only. if you get interest upto any level you are declaring to submit it in IT returns that is all
By inference, the basic exemption limit should be the limit. For example, if you are an adult individual then the threshold exemption limit is Rs. 1,60,000. For a Senior Citizen, this will be Rs. 2,40,000.
Therefore you can submit form 15G upto interest income of Rs. 1,60,000 in a financial year.
If interest income in a branch exceeds Rs 10000 during a FY, then bank deducts TDS.
You should submit Form 15G only if your taxable income is less than the max non-taxable.
HMT
I don’t get it…