https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9213749
+1
is Form 15g mandatory if FD income is less than 40k?
- 667
- 25
-
- Last Comment
Hi friends, I just opened an FD account with Equatas bank at 8.2% for 1 year. The payout would be monthly and annual interest won't exceed 40k. While opening this account came across form 15g which I skipped, reason being my interest generated will be less than 40k. Still I have this form available to be filled up in the equitas bank app. Should I fill it up? Mixed info available across the internet. Pls guide.
Expired
Top Comments
24 Comments
|
12 Dimers
- Sort By
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9213755
You should fill in form 15G to ensure no tax deduction at source (TDS) by the bank from your interest income earned during the financial year.
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9213758
required if interest more then 10K in FY
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9213765
raja wrote:required if interest more then 10K in FY
Revived to 40k
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9213768
If fd interest is below 40k then not required,
Bank will report interest above 10k in 26as
If deducted interest and your total taxable is below exemption limit u can claim refund
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9213772
Expand
flawlessking wrote:only for senior citizensRevived to 40k
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9213959
insta wrote:If fd interest is below 40k then not required,
Bank will report interest above 10k in 26as
If deducted interest and your total taxable is below exemption limit u can claim refund
Thanks for the information. Between I have downloaded my FD summary Pdf file, and there it's mentioned "Not availed" in TDS waiver column, is this because I haven't filled 15g?
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214039
No need to fill it
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214043
How did u open, online or visiting the branch?
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214078
@flawlessking How are you getting 8.2% for 1 year FD? Can you please elaborate?
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214080
itsmehd5 wrote:Select 12 months to 18months in equitas small finance bank, u will get 8.2%@flawlessking How are you getting 8.2% for 1 year FD? Can you please elaborate?
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214082
kartikxxx wrote:How did u open, online or visiting the branch?
Via Equitas App only
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214095
Expand
flawlessking wrote:Via Equitas App only
Only fd account not savings account right?
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214321
App reviews r not gud
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9214355
Expand
flawlessking wrote:Thanks for the information. Between I have downloaded my FD summary Pdf file, and there it's mentioned "Not availed" in TDS waiver column, is this because I haven't filled 15g?
Yes
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9215349
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9215365
Expand
Any refer scheme?
flawlessking wrote:Ok, any option to open only fd account without savings account?
I have a savings account with them
Any refer scheme?
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9215950
insta wrote:If fd interest is below 40k then not required,
Bank will report interest above 10k in 26as
If deducted interest and your total taxable is below exemption limit u can claim refund
Bank will report interest above 10k in 26as
--- bank will report all interest paid even if it is 1 re given from this year.
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9215951
15G --- Give only if your income is below basic exemption limit of 2.5 lakhs.
Cant give 15G if interest income is above 2.5 lakhs.
Should you worry if you didnt give form 15G ?? -- No, you can always claim refund by filing ITR.
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9216009
Expand
Good move, as ppl were using accounts with different banks to keep individual banks interest below 10k
third.i.financial.advisors wrote:didnt know that
Bank will report interest above 10k in 26as
--- bank will report all interest paid even if it is 1 re given from this year.
Good move, as ppl were using accounts with different banks to keep individual banks interest below 10k
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9216081
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9217141
15G is simply an instruction to bank to not deduct any TDS from your interest. In this case, its your responsibility to pay the tax (if you fell short as per the calculation of your tax bracket) while filing ITR. Sometimes you may want the extra money for your expenses that bank would have otherwise deducted as TDS. And then at the end of year you take care of it while filing ITR. In these cases 15G is helpful.
If you don't submit 15G, bank will deduct standard 10% TDS. In this case, its your responsibility to claim refund (if you have paid excess tax as per the calculation of your tax bracket).
https://www.desidime.com/discussions/is-form-15g-mandatory-if-fd-income-is-less-than-40k?page=1#post_9217193
ontherocks wrote:Thanks for the information. Well I just filled the 15g form but I haven't received any acknowledgement yet.15G is simply an instruction to bank to not deduct any TDS from your interest. In this case, its your responsibility to pay the interest (if you fell short as per the calculation of your tax bracket) while filing ITR. Sometimes you may want the extra money for your expenses that bank would have otherwise deducted as TDS. And then at the end of year you take care of it while filing ITR. In these cases 15G is helpful.
If you don't submit 15G, bank will deduct standard 10% TDS. In this case, its your responsibility to claim refund (if you have paid excess tax as per the calculation of your tax bracket).
Click here to reply
Reply
For normal its 40k for senior citizen it's 50k before bank deducts tds