Apply for a TDS waiver
TDS or Tax Deducted at Source is a tax that gets deducted from your interest payable. Although a fixed deposit is one of the safest investment options, the interest earned on it is considered part of your income. Therefore, TDS applies to this interest amount.
However, if your total income is below the minimum tax limit, you can declare the same by submitting Form 15G/ H for a TDS waiver. If your age is below 60, you need to submit Form 15G, while if you are above 60, you need to submit Form 15H.
Once you submit this declaration, it will ensure that no TDS is deducted from the interest earned on your deposits.
Bajaj Finance Limited offers you the facility of submitting this declaration online in a few easy steps. You can submit your Form 15G/ H by visiting My Account.
TDS Meaning and TDS Full Form
TDS stands for Tax Deducted at Source, a mechanism employed in many countries, including India, to collect tax at the origin of income. Under this system, a certain percentage of the payment is deducted by the payer and remitted to the government on behalf of the payee. This ensures a continuous inflow of revenue to the government and helps in reducing tax evasion. TDS is applicable on various types of income such as salaries, interest on bank deposits, and payments to contractors. The deducted amount is then reflected in the payee's annual tax return, and the total tax liability is adjusted accordingly. This method simplifies tax collection and ensures timely compliance, providing both the taxpayer and the tax authorities with a streamlined process for managing and tracking income tax obligations.
What is a TDS Certificate?
A TDS Certificate is an official document issued by the deductor to the deductee, confirming the amount of Tax Deducted at Source (TDS) and subsequently deposited with the government. It serves as proof that the tax has been deducted and credited to the government’s account on behalf of the payee. The certificate includes details such as the deductor’s and deductee’s names, PAN numbers, the amount paid, the amount of TDS deducted, and the TDS payment challan number.
For salaried employees, Form 16 is issued, while for non-salaried individuals, Form 16A is provided. These certificates are essential for the payee while filing income tax returns as they help in claiming the deducted amount against their tax liability. They ensure transparency and accuracy in tax records, facilitating easier verification and reconciliation of tax payments for both the taxpayer and the tax authorities.
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Submit Form 15G/ H to apply for a TDS waiver
You can submit your declaration by following these simple steps:
- Enter your mobile number and submit the OTP to sign-in to My Account.
- Verify your details by entering your date of birth.
- Select your fixed deposit from the ‘My Relations’ section.
- Click on the ‘Submit Form 15G/ H’ option from the ‘Quick Actions’ section.
- View your Form 15G or Form 15H and click on ‘Proceed’.
- Enter any additional information that is required.
- Verify with the OTP you received on your registered mobile number and proceed with submission.
Click on the ‘Apply for a TDS waiver’ option below to visit our customer portal. Once signed-in, you’ll be redirected to the ‘My Relations’ section, where you can select your FD.
You can then click on the ‘Submit Form 15G/ H’ option from the ‘Quick Actions’ section and proceed with your declaration.
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You can submit your Form 15 G/ H online by visiting our customer portal – My Account and applying for a waiver.
Once you are signed-in, select your FD from ‘My Relations’ and proceed to apply for a TDS waiver.
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Check your fixed deposits
Visit our customer portal and track your FD details easily.
Frequently asked questions
When you invest in an FD, you earn a certain percentage of interest on the deposited amount. This interest amount is considered as your income and therefore TDS applies to it. However, if you are 60 years or above in age with the total income below the minimum tax limit, you can submit Form 15H. Submitting this declaration allows you to apply for a TDS waiver. Once you submit this declaration, no TDS is deducted from the interest earned of your deposits.
In case you’ve invested in our fixed deposit, you can submit your Form 15H by visiting our customer portal – My Account.
Interest earned on your fixed deposit is considered as your income and therefore TDS (Tax Deducted at Source) applies to it. However, if your total income is below the minimum tax limit, you can apply for a TDS waiver. To apply for a TDS waiver, you need to submit Form 15G/ H. If you’ve invested in our fixed deposits and wish to apply for a TDS waiver, you can visit our customer portal – My Account. Our digital customer portal eliminates the hassle of branch visits and allows you to submit the Form 15G/ H in just a few clicks.
If you forget to submit Form 15G/15H, TDS will be deducted from your income. You can claim a refund for the deducted TDS by filing your income tax return and showing that your total income is below the taxable limit.
No, Form 15G/15H cannot be submitted if your total income exceeds the basic exemption limit. These forms are only for individuals whose total income is below the taxable threshold to avoid TDS on certain incomes.
Forms 15G and 15H require details like your name, PAN, address, contact information, financial year, estimated income for which the form is being submitted, total estimated income, and declaration of eligibility to file the form.
No, you do not need to submit a copy of Form 15G/15H to the income tax department. These forms should be submitted to the deductor, such as a bank, who then submits them to the income tax department on your behalf.
No, Form 15G/15H cannot be submitted for interest income that is clubbed with another depositor’s income. These forms are individual declarations and should only be used for interest income that is solely in your name.
