Timing is everything when it comes to avoiding TDS deductions on your deposits. Submitting Form 15G/15H at the start of the financial year is crucial to ensure you don't lose out on your savings. Don't let missed deadlines cost you. Here's why:
First of all, TDS is a government-mandated tax deduction. The bank is just following the rules set by the Income Tax Department. The bank is legally obligated to deduct TDS if the interest earned on an FD exceeds the threshold limit (₹40,000 for most individuals, ₹50,000 for
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Alright, listen closely. According to Section 194A of the Income Tax Act, 1961, banks must deduct tax at source (TDS) if the interest on your fixed or recurring deposits exceeds ₹40,000 in a financial year, or ₹50,000 if you're a senior citizen. This isn't a random
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