Income Tax under section 195

[MITSUI PRIME ADVANCED]

Dear Sir,

We have regular submitted our income tax return and some tax deposited , can we have submitted form 15G to bank for TDS saving on FD interst 

please provide your valuable suguation as soon as posssible.

Regards

 Arjun Sachdeva

 

AI Summary

Form 15G: Non-senior citizens can save on TDS if total income tax is nil and interest is within limits. A query was raised regarding the submission of Form 15G to banks for tax deduction at source (TDS) savings on fixed deposit interest. The response clarified that Form 15G is intended for non-senior citizens whose estimated total income tax is nil and whose interest income does not exceed the basic exemption limit (Rs 1,80,000 for men and Rs 1,90,000 for women). If the individual is already paying income tax or if the interest income surpasses the exemption limit, Form 15G cannot be submitted.