How to Prevent TDS Deduction on Fixed Deposits Using Form 15G or 15H
Learn how to avoid TDS on Fixed Deposits by submitting Form 15G or 15H at the start of the financial year if your income is below the taxable limit.
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To prevent Tax Deducted at Source (TDS) on Fixed Deposits (FD), submit Form 15G or 15H (if you are eligible) to the bank. These forms declare that your total income is below the taxable limit. Ensure you submit these forms at the start of the financial year to avoid TDS deductions.
FAQs & Answers
- Who is eligible to submit Form 15G or 15H to avoid TDS on Fixed Deposits? Individuals whose total income is below the taxable limit can submit Form 15G (for individuals below 60) or Form 15H (for senior citizens) to avoid TDS on Fixed Deposits.
- When should Form 15G or 15H be submitted to prevent TDS on FD interest? Form 15G or 15H should be submitted to the bank at the beginning of the financial year to prevent TDS deductions on FD interest.
- What happens if you do not submit Form 15G or 15H for Fixed Deposits? If Form 15G or 15H is not submitted, TDS will be deducted by the bank on the interest earned from Fixed Deposits as per applicable income tax laws.