Bank Rules: First go to the bank and fill out this form immediately, otherwise money will be deducted from the bank account.
Bank Rules: Have you gone to the bank and filled out an important form? If not, then immediately go to the first bank and fill out the form. Otherwise, money will be deducted from your account. If you have also made a fixed deposit in any bank, then submit this form to your bank branch immediately. By doing this, the tax will not be deducted from your FD interest. If you have an FD then it is necessary to submit Form 15G and Form 15H. If you do not fill out and submit this form, your TDS may be deducted.
Money will be deducted from the FD account
Fixed deposit (FD) customers are required to submit Form 15G or 15H every year at the beginning of the financial year. This form is done to avoid payment of TDS (Tax Deducted at Source) on interest. For those below 60 years of age, you can claim tax exemption under Form 15G. Those who are above 60 years of age can claim exemption in TDS by using Form 15H.
What is Form 15G?
Individuals below 60 years of age and HUFs who have invested in fixed deposits. He can fill out Form 15G. By filling out this form, tax on interest i.e. TDS will not be deducted. Form 15G is available under Section 197A of the Income Tax Act 1961. Through this, the bank comes to know about your annual income. Through this form, you can ask the bank to stop deducting TDS from your interest income. At the same time, people above 60 years of age i.e. senior citizens fill out Form 15H to avoid deducting TDS on Fixed Deposit interest. After submitting this form, you get your deposited money i.e. interest without any tax deduction.
Is it mandatory to submit Form 15G/H?
There is no rule for submitting Form 15G/H. This will come in handy if you earn more than Rs 40,000 in interest in a given financial year. If you submit Form 15G every year, you will not have to pay TDS.
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