As per CBDT Notification No. 41/2019 dated 22/05/2019, senior citizens with a taxable income of up to 5 lakh can now submit in banks and post offices Form 15H to claim exemption from TDS on interest income on deposits. Earlier, the limit for seeking TDS exemption was 2.5 lakh. CBDT Notification No. 41/2019 dated 22/05/2019
Salary income: Employer deducts TDS on total income, including income other than salary after taking into account all deductions and exemptions. This saves the individual the hassle of paying the tax himself. TDS rate: As applicable to an individual based on his income and deductions. Interest income: TDS is deducted by banks on FDs and…
Earlier there was requirement to submit details of all payments / credits where no deduction was made in view of certificate of no deduction issued by the income-tax officer. Now details of payments / credit where no deduction was made in view of submission of self declaration under section 197A for no deduction of tax…
Form 15G and Form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. Reader can download the latest Form 15G and Form 15H in Excel, Word…