is Form 15g mandatory if FD income is less than 40k?
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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.
required if interest more then 10K in FY
Revived to 40k
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?
How did u open, online or visiting the branch?
Via Equitas App only
@flawlessking How are you getting 8.2% for 1 year FD? Can you please elaborate?
App reviews r not gud
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.
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).
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