With fixed interest rate and attractive returns, Fixed Deposits are one of the most preferred investment options for most investors. However, the interest you earn from Fixed Deposit is fully taxable. As per the recent Interim Budget, TDS threshold has been raised to Rs. 40,000 from Rs. 10,000 for banks and post office deposits. For those whose interest earnings are greater than this amount, Form 15G and Form 15H can help you avoid the TDS, right at the start of the fiscal year.
Form 15H – You can furnish Form 15H for fixed deposit, if you meet the following conditions:
Once you’ve met the required conditions for furnishing Forms 15G and 15H, you can start filling them. Are you wondering how to fill Form 15G or Form 15H? It’s easy. Here’s are the steps you need to take:
If you’re avoiding long queues and arduous processes, consider filing these forms online.
Both Forms 15G and 15H are valid for 1 year, and should be submitted to your financier at the start of the year. You must ensure that your financier does not deduct the tax, before you furnish the forms, because the bank may not be able to refund it. To get your money back, you may need to file your ITR and claim a refund of your TDS amount.
To download Form 15G or Form 15H, here’s what you need to do:
Once you’ve downloaded the form, prepare and print 3 copies for it. Sign and submit the printed documents to your financier.
Still have any doubt? Check Bajaj Finance FAQ or directly contact Bajaj Finserv Customer Care.
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