Avoid tax deducted at source (TDS) on interest income

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).