I have retired from Private Job and I have deposited all my PF & Gratuity in Fixed Deposit. Even after Filling up Form 15G, Bank is deducing TDS. My Total Income on Fixed Deposit Interest is less than 1 Lakh and I am 62 years old.What is upper limit on interest earned till which Bank cannot deduce TDS after filling up form 15G. Prana Mukul, Delhi
Form15 G is for those people who are below 65 years and has no taxable income , yet are likely to be suffered with TDS on any income . So, first check if you are eligible for filing Form 15 G .
Form 15 G can be filed by any person whose AGGREGATE income from Dividend or Interest or Interest other than Interest on securities or on Securities or withdrawl or surrender value of pension planof insurance for which deduction u/s 80CCA was availed ,
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does not exceed maximum amount exempt from tax
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(In case of male for FY 2007-08 , Rs 1,10,000 and For Fy 2008-09, Rs 1,50,000 )
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and
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tax on estimated total income including the those income for which 15G is submitted of the is NIL.
If both the aforesaid condition are fulfilled , you write to the Branch Manager , that despite your filing the declaration u/s 15G , deduction of tax at source is not in accordance with law.I think , Managers of bank are quite sensitive to problems of their customers and your problem will be solved. However , if the problem still remains , write to Ombudsman of bank , a list of which you can get from here . They are empowered to handle the grievance of the bank customers.
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