Question ID : 41029

Estimated Total Income for Form 15G.

Dear Friends, For Fin. Yr.2021-2022 the estimated Total Income of a resident individual is Rs.4,80,000/= which includes Interest Income of Rs.2,30,000/= Further, he is also entitled to claim Tax Rebate u.s.87A and so his final Tax Liability for the year will be NIL. Pleasde advice me whether such an individual can file a valid Form 15G for non-deduction of tax at source from his Interest Income by mentioning Rs.4,80,000/= in the Estimated Total Income column of Form 15G as his Interest Income is below Rs.2,50,000/=

Answer ID : 81077

Eligible to file 15G. Because, the total income mentioned in the form is the net taxable income on which the taxpayer's estimated total tax payable would be nil in the given case.

Answer ID : 81082

Yes, he is eligible to file form 15G.

Answer ID : 81093

As per sub section 1B of section 197A such person won't be eligible for filing for 15G which is as under: "The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to income-tax." However senior citizens can still file 15H if their income exceeds the maximum limit and tax payable is nil.

Answer ID : 81098

The view as in 'answer id 81093' seems to be correct.

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