Jan 8, 2014

Submit 15G or 15H in your Bank - avoid TDS

How to avoid TDS ( Tax Deduction from Source ) on the interest in Bank Account Deposits in India.
Submit Form 15G/H if you have Fixed Deposit or Recurring Deposit

Tax Deducted at Source (TDS) as per Income Tax Rules is applicable for Fixed Deposit interest accumulated / earned in excess of Rs. 10,000/- in a Financial Year except NRE fixed Deposits

TDS is applicable if Domestic Fixed deposit interest earned / accumulated in a financial year is Rs. 10,000/- and above. TDS can be avoided by submitting Form 15G / 15H, if Fixed Deposit Interest Income is less than Rs. 2 Lakhs.
If Fixed Deposit Interest Income is above Rs. 2 Lac, TDS will be compulsorly deducted from that account.

Download the  Form 15G (For Ordinary Individual) and Form 15H (For Senior Citizens) ; request you to submit the original signed forms to your bank before 28.02.2014.

If PAN number is not submitted to bank account,  request you to link the PAN number with your account

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