Save TDS on Interest Income

Using Form 15G & 15H


The most popular investment plans, fixed deposit is also payable to TDS by the banks and financial institutions. All the banks and financial institutions must and should deduct TDS on all interest income more than 10000.  The banks will issue the form 16 to furnish your TDS and providing all the details about your TDS payments with government.

The interest we gain is deducted for tax before it becomes payable. But the Income Tax Department gave leisure, so that we can save our tax deductions. To avail this we should file form 15G and 15H.

Form 15G

It is to be produced by the individual (resident of India) but not company who is not a senior citizen. This should be filled if you are satisfying the given conditions.

  1. The total income after deduction should be less than the exempted limit.
  2. The sum of interest income should not exceed minimum exempted limit in the tax slab.
  3. Tax calculated on your income should be nil.
  4. Hindu Undivided Family can also produce.

Form 15H

This is to be produced by Senior Citizens (more than 60 years of age during the FY). This should be filled if you are satisfying the given conditions.

  1. Resident of Indian.
  2. Tax calculated on your income should be nil.
  3. Total income should be less than basic exemption limit for FY

Income tax act, 14th amendment – rule no 29C is responsible for the application of these forms. It can be of two modes.

  • Paper Form
  • Online Process. This takes place after duly scrutinizing through e – process which is a simple and a rumble free.

For any help on TDS Return feel free to consult the tax experts at Taxraahi. You can file TDS Return yourself via our TDS software or get CA’s help on filing income tax return. You can also use the option of Business ReturnBulk Return or Revised Return Filing.

By | 2017-10-23T12:46:43+00:00 June 13th, 2016|Categories: Tax Savings|Tags: , , |0 Comments

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