This explains why FD reporting to tax authorities and TDS on interest follow different thresholds. The key takeaway is understanding bank-wise limits prevents confusion and unnecessary ...

I am a 62-year-old retired professional. I submitted Form 15H to my bank, but TDS was still deducted on my interest income. What should I do now? Also, when is the best time to submit Form 15H to ...

Kerala High Court held that Bank is not required to deduct TDS on interest paid to senior citizen who has provided Form 15H. Accordingly, Bank cannot be considered as assessee in default for ...

Banks deduct TDS when your interest income for a financial year crosses Rs 40,000. This interest income limit is Rs 50,000 for senior citizens under section 194A of the Income Tax Act. For tax ...

If you invest in certain instruments like bank fixed deposit, recurring deposit and corporate deposit, the interest you earn is taxed. Banks and post offices will deduct TDS (Tax deducted at source) ...

The revised Form 15H can now be submitted in banks and post offices to claim exemption from TDS on interest income on deposits.(Pradeep Gaur/Mint) The income tax department has issued a revised Form ...

TDS is the process of collecting tax as and when the income is generated. It streamlines the process of collecting taxes for the tax department. TDS is applicable on several incomes such as salary, ...

Ideally, these forms should be submitted before the start of the financial year for which TDS is to be deducted or before the first income payment which is subject to TDS. (Image: Reuters) Question: ...

The Central Board of Direct Taxes has extended the validity of Form 15G and Form 15H till June 30, 2020. These two forms are normally filed by tax payers, whose income is not taxable - to avoid ...