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
Conditions you must fulfill to submit Form 15G:
- You are an individual or HUF
- You must be a Resident Indian
- You should be less than 60 years old
- Tax calculated on your Total Income is nil
- 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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