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Banks have to deduct TDS when interest income is more than Rs.10,000 in a year

In case we want bank not to deduct TDS, we can submit 15G form

 

194 A

If more than 10000 Interest, then 10% TDS

If a person wants no TDS to be deducted, then he can submit Form 15G

What is 15G form - Concept of 15G 15H

Conditions you must fulfill to submit Form 15G:

  1. You are an individual or HUF
  2. You must be a Resident Indian
  3. You should be less than 60 years old
  4. Tax calculated on your Total Income is nil
  5. The total interest income for the year is less than the minimum exemption limit of that year, which is Rs 2,50,000 for financial year 2015-16. (Limit is Rs 2.5lakhs for FY 2014-15, FY 2015-16 and FY 2016-17)

 Download 15G Form

 

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Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.