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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Form 15G & Form 15H Save TDS In Interest

Forms 15G & 15H: What can you do to ensure that the bank does not charge TDS interest if your income is not taxed? Banks must deduct TDS if your interest rate exceeds Rs.40,000 per annum for individuals other than adults (adult, limit of Rs. 50,000) under section 194A of the Income Tax Act. in all its branches to calculate this limit. However, if your income is below the taxable limit, you can submit Form 15G and 15H to the bank requesting it not to deduct any TDS.

What are Form 15G and Form 15H?

Form 15G and Form 15H self-declaration forms send to a bank asking them not to deduct TDS interest as their income is below the basic release limit. In this case, the provision of PAN is mandatory. Some banks allow you to submit these forms online via the bank's website.

Frequently asked questions

Form 15G is required to be submitted as a notice to persons under the age of 60 that their income is below the taxable limit and therefore no TDS should be deducted from the income deposited in their account.

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