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Aman Khanna
by on October 7, 2018
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You must submit Form 15G and Form 15H to your FD issuer to prevent deduction of TDS on your interest income, as long as your total income is below the taxable limit. You can submit these forms only if your interest income is less than Rs.5,000 from company fixed deposits, is less than Rs.10,000 from any other deposit, or is less than Rs.50,000, in case you are a senior citizen, in a financial year. For instance, if you opt for a Fixed Deposit from Bajaj Finance, you earn up to 8.85% interest on your deposit. You can use an FD calculator to view your returns in a financial year in advance, and see whether or not you have to submit either form. Also, remember that you don’t need to go to your issuer’s office and submit these forms in person. You can submit them to the financial institution online just as easily, as per your convenience. In case you fail to furnish these forms in time, you will not be able to avoid TDS. So, to avoid this tax deduction from lowering your earnings, take a look at the 5 simple steps to submit Form 15G and Form 15H online. Using your user ID and password, log on to your bank’s netbanking portal. Then, go to the tax section and select Form 15G or Form 15H. Now, you will have to enter details such as your PAN, residential status, address, estimated income for which declaration is made, estimated total income of the previous year, details about the income for which declaration is made, etc. Once you fill all fields, click on the ‘Submit’ button. Download the acknowledgment receipt displayed on the screen. Be sure to save the service request number for future reference. Ensure that you enter all details accurately while submitting either Form 15G or Form 15H. Also, do so on time to avoid tax deducted at source, and remember to keep your PAN card handy to complete the procedure smoothly.
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