Avoid tax de­ducted at source (TDS) on in­ter­est in­come

Consumer Voice - - BFSI -

Form 15G

A fixed de­pos­i­tor whose age is less than 60 years as on the date of mak­ing the de­posit and whose gross to­tal in­come is less than the in­come-tax slab (as ap­pli­ca­ble to him or her) can sub­mit this form ei­ther at the time of mak­ing the bank de­posit or at the time of ef­fect­ing re­newal of the same, or at any time dur­ing the cur­rency of the de­posit, but be­fore the date of ma­tu­rity of the de­posit so that the bank does not deduct TDS on the same per­tain­ing to the par­tic­u­lar fi­nan­cial year (or as­sess­ment year). The de­pos­i­tor is well ad­vised to in­sist on an ac­knowl­edge­ment from the bank so that one can be sure that TDS is not de­ducted in­ad­ver­tently.

Form 15H

This form is to be sub­mit­ted as above but needs to be sub­mit­ted by those fixed de­pos­i­tors whose age is more than 60 years (se­nior cit­i­zens).

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