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Do I have to file an income tax return (ITR) if I have submitted Form 15G?
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₹2.50 lakhs and you do not have tax liability; you can submit form no. 15 G to the bank for paying you interest without deduction of tax at source.
Please do not forget to furnish details of your PAN number while submitting form no. 15G failing which the bank will deduct tax @ 20% instead of the regular rate of TDS of 10%.
Please note you are not required to file ITR just because you have submitted form 15G. The conditions under which an individual is required to file an ITR are independent of the provisions of submission of form no.
15G. Balwant Jain is a tax and investment expert and can be reached at jainbalwant@gmail.com and @jainbalwant on his X handle.
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