However, if your total income is below the taxable limit, you can submit Form 15G and 15H to the bank and request them not to deduct any TDS.ĬBDT has extended the due date for filing Form 15G/ 15H from 31st March 2021 to 30th June 2021 for FY 2020-21 What are Form 15G and Form 15H?įorm 15G and Form 15H are self-declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit.įor this, providing PAN is compulsory. The bank aggregates the interest on deposits held in all its branches to calculate this limit. What can you do to make sure the bank does not deduct TDS on interest if your total income is not taxable?īanks have to deduct TDS when your interest income is more than Rs.40,000 in a year for individuals other than senior citizens (for senior citizens, the limit is Rs.50,000) under section 194A of the Income Tax Act.
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