dear sir, i would like to know that if i am working and i have annual income is rs 15 lakh rupees.and eligible tax is been deducted by employer. and if i invest some amount in bank from the savings of my salary.am i eligible to fill the form 15g/h as i am already paying tax to my employer and i am investing in deposit from the remaining salary
1 Answers
As you are already in taxable slabs, you are not eligible to submit form-15g/h.
These forms are declaration that your annual income is below taxable range and so bank should not deduct TDS on interest income. Which is not true in your case.
Employer has deducted tax (as TDS) on amount paid to you. If you deposit this into bank and earn more money from interest, bank is liable to deduct TDS on this interest income.
Related