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FAQ

How should a capital transaction be reported on an estate's Form 1041 when the estate received Form 1099-B that did not account for a step-up in basis?
You need to file a Form 8949 (https://www.irs.gov/pub/irs-pdf/...) with the schedule D to summarize the basis adjustment to the mutual fund.There is a column on the form for basis adjustment, use code O in column F and enter the basis adjustment amount in column G.For the reported short term gain that should be long term gain use code T in column F and report the gain in the proper long term section of the form.
Who needs to fillup form 15g?
In case your total income does not exceeds the maximum income chargeable to tax, and you don't want the other person to deduct your tax this Form 15 G is required.For Ex:-Suppose you are a resident individual and you have invested some money in Fixed Deposits/Recurring Deposits with Banks and accumulated interest amount during the year exceeds Rs 10,000 Bank will deduct TDS @10% provided you have provided your PAN Number (otherwise @ 20%).So here in this case as you know that your total income won't exceed maximum amount chargeable to tax you can fill form 15G which states non requirement of deduction of TDS.15G AND 15 H both serve same purpose except for that 15 H is for senior citizens nd 15 G is for all others..
Who needs to file form 15g?
Form 15G and 15H are self-declarations forms filed with the banks or financial institutions who, deduct TDS on the interest income earned/accrued to not deduct TDS on the interest income.Normally, people have a myth that interest on fixed deposits is calculated/deducted at the time of maturity. Instead, it is calculated and interest on the same is deducted periodically which reflects in your Form 26AS.Who needs to file Form 15G?Form 15G is required to be filed byAny Resident Indian Individual who is below 60 years of age or HUFHaving interest income from FD (Fixed deposit) below the basic exemption limits of Rs 2.5 lakhs andThe person who is required to pay no taxes after all the income computation i.e. No final tax liabilityApplicant must have a valid PAN cardWhat is the need for Form 15G and Form 15H?Banks or public financial institutions while crediting in your account periodic interest deduct TDS on term deposits. In case of interest earned on savings bank accounts,it shall be offered for taxation as income from other sources. But, there is no deduction of tax for the same. Tax Benefits on interest income are as below:If, you are below the age of 60, i.e. not senior citizen Any interest earned by you on savings account for the financial year can be claimed deduction of upto Rs 10,000 under section 80TTA.But, if you are aged 60 or above The income tax departments provides you deduction for Rs 50,000 u/s 80TTB to be availed both on saving bank account interest and FD interests. (As per Finance Act 2018)So for non-senior citizen cases, if you have any interest income from the term or recurring deposits below basic exemption limit of 2.5 lakhs, you can opt Form 15G to avoid deduction of Tax by the authorities.Note: No TDS on saving bank account is deducted by banks and financial institutions.