Do I’ve to file an revenue tax return (ITR) if I’ve submitted Form 15G?

Question: I’m a scholar and haven’t any revenue besides the curiosity which I get from financial institution FD. The cash was given by my father. Can I give type 15G to keep away from TDS? If I submit type 15G will I’ve to file an revenue tax return?

Answer: In case you’re a minor, all of the passive revenue that you simply earn is required to be clubbed with the revenue of a mum or dad with a better revenue. So in case you’re a minor, you can’t submit type 15G because the curiosity earned by you’ll be taxed within the arms of such mum or dad. In case you’re a main, the curiosity revenue will probably be taxable in your hand. The transaction of present made by your father doesn’t have any tax implication both for you or to your father on the time of constructing the present. In case your curiosity revenue for the yr is beneath the taxable restrict of ₹2.50 lakhs and also you would not have tax legal responsibility; you possibly can submit type no. 15 G to the financial institution for paying you curiosity with out deduction of tax at supply. 

Please don’t forget to furnish particulars of your PAN quantity whereas submitting type no. 15G failing which the financial institution will deduct tax @ 20% as an alternative of the common price of TDS of 10%. Please observe you aren’t required to file ITR simply because you’ve got submitted type 15G. The situations below which a person is required to file an ITR are unbiased of the provisions of submission of type no. 15G.

Balwant Jain is a tax and funding skilled and may be reached at jainbalwant@gmail.com and @jainbalwant on his X deal with.

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Updated: 21 Sep 2023, 07:09 AM IST