How to Stop TDS Deduction: A Step-by-Step Guide
Learn how to stop TDS deductions by submitting the correct forms and eligibility criteria in this concise video.
1,482 views
To stop TDS (Tax Deducted at Source) deduction, you need to submit Form 15G or Form 15H to the bank or the entity deducting the tax, provided you meet the eligibility criteria. These forms declare that your total income is below the taxable limit, hence should not be subject to TDS.
FAQs & Answers
- What is Form 15G? Form 15G is a self-declaration form used by individuals to ensure that TDS is not deducted on their interest income if their total income is below the taxable limit.
- Who can submit Form 15H? Form 15H is specifically for senior citizens to declare their total income and request that no TDS be deducted if their income is below the taxable limit.
- What documents are required to submit Form 15G or 15H? Typically, you need to submit a copy of your PAN card along with the completed Form 15G or 15H to the bank or entity deducting TDS.
- How do I know if I am eligible to submit Form 15G or 15H? You are eligible to submit Form 15G if your total taxable income is below the tax exemption limit (currently ₹2.5 lakh for individuals below 60 years), and Form 15H is applicable for individuals above 60 years with similar income criteria.