is Form 15g mandatory if FD income is less than 40k?

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Mumbhai
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.
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Deal Subedar Deal Subedar
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+1

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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.

Deal Cadet Deal Cadet
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required if interest more then 10K in FY

Critic Critic
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Revived to 40k

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Generous Generous
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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

Critic Critic
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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?

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Benevolent Benevolent
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No need to fill it
Entertainer Entertainer
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How did u open, online or visiting the branch?

Critic Critic
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Via Equitas App only

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Deal Cadet Deal Cadet
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@flawlessking How are you getting 8.2% for 1 year FD? Can you please elaborate?

Critic Critic
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Select 12 months to 18months in equitas small finance bank, u will get 8.2%
Deal Cadet Deal Cadet
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App reviews r not gud

Helpful Helpful
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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. 

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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).

Critic Critic
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Thanks for the information. Well I just filled the 15g form but I haven't received any acknowledgement yet.
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