A general reminder - today is the first day of the financial year 2019-20Friends, the financial year 2018-19 ended yesterday and today is the beginning of the new financial year 2019-20. I want to share some general information with the members who are salaried or retired and are paying or not paying income tax.
For those who are tax payers and also for those who are not but do not want that the banks should deduct TDS from their FDs, todays date has a significance.
Please remember that any payment whether interest or salary which is accrued to us by 31st March will be considered for tax calculations for the financial year 2018-19. If the February 2019 and March 2019 salary is delayed and say paid to us only sometime in April 2019, then it will be considered for tax only in the financial year 2019-20.
These are small things but we forget them and make erratic calculations.
For those who are not paying tax but are apprehended about the TDS cut by the banks on their FDs have to submit form 15G or 15H (as per their age) giving details of their FDs and a declaration that they will not have a taxable income in the financial year 2019-20 and bank should not deduct TDS. This form is generally required to be submitted in the first quarter of the financial year (April 2019 to June 2019). It can be submitted online also.
Some of the people are following these things meticulously and the purpose of this post is just to remind them.