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Confused Senior Citizen: Tax Deducted Despite Submitting Form 15G and Having Minimal Income?

T S Khurana

T S Khurana   |367 Answers  |Ask -

Tax Expert - Answered on Oct 04, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Inderpal Question by Inderpal on Oct 04, 2024Hindi
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My wife is a senior citizen with bank fd of 46 lack She is annually receive around four lakh and have no other sources of income She has submitted from 15g for non tax deduction at source still it is being deducted what is the way out Total annual income is approx four lack only kindly guide

Ans: Since income of your wife is more than the basic exemption limit of income tax, bank has to deduct
TDS and deposit the same with the department. In future, you may not submit Form 15-G for this purpose.
Most welcome for any further clarification. Thanks.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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