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Kapil is right. To fill the form 15H/G and get the results of NO TDS, you need to update your PAN with the FDs and Bank account....
If the total interest earned on all your fixed deposits in a bank is greater than Rs. 10,000 in a financial year, you are liable for TDS and the banks will deduct the income tax at source.
For a payment of up to 10 lacs, TDS will be deducted at a rate of 10% in addition to it there is an education cess of 3% which takes the total deduction to 10.3%. With payments equal to 10 lacs or more the TDS rate is 10%, in addition to it there is a surcharge of 10% and educational cess of 3% this takes the total deduction to 11.3%.
If a fixed deposit holder finds that his total interest income from fixed deposits won`t fall within the overall taxable limits, he should immediately inform this to the concerned bank and ask them not to deduct the TDS from his fixed deposit account. This can be done by submitting a form as per Income tax regulations. Individuals, claiming such exemption have to submit form 15H.
In case there is an amount deducted by way of TDS on the interest earned on you fixed deposit, prior to your submission of application of exemption with the required documents, it won`t be refunded. However, in all such cases banks will issue TDS certificates which can be used by the fixed deposit holders, while filing his income tax
Regards
- Kapil Visht
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