TDS AFTER SUBMISSION OF 15G OR H

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This discussion clarifies whether a bank can deduct TDS on Fixed Deposit (FD) interest even if you submit Form 15G. Generally, if your FD interest income alone exceeds the basic exemption limit, the bank may still deduct TDS. Even if your total income (including salary) results in nil tax liability after deductions and reliefs, you might need to file an Income Tax Return (ITR) to claim the deducted TDS as a refund.

SHARMA

SHARMA (Querist)

07 November 2025 Sir,

यदि एक 60 साल से कम उम्र वाला जिसकी सैलरी इंकम 7 lac हो और fd interest income 5.75 हो और वो बैंक में फॉर्म 15G जमा कर देता हो गया तो क्या बैंक tds काट सकता है क्युकी standard deduction के बाद उसकी इंकम 12 lac होगी और टैक्स liability nil होगी l
1.क्या 15 g जमा कर सकते हैं?
2.बैंक tds काट सकता है 15 g जमा करने के बाद भी नहीं जबकि estimated annual income 12.75 lacs (7+5.75) जिसपर कोई टैक्स liability नहीं होगी after relief u/s 87A.
🙏

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

07 November 2025 To file Form 15G, the declarant must:
- Be an individual or HUF, not a company or firm.
- Be below 60 years of age (senior citizens use Form 15H).
- Be a resident of India.
- Have total income below ₹2.5/ 4.00 lakh (basic exemption limit).
- Have nil tax liability for the financial year.

In this case bank will deduct TDS, as the FD interest itself exceeds basic exemption limit.

SHARMA

SHARMA (Querist)

07 November 2025 1. Total estimated income is 12.75 lacs (7 lac salary +5.75 lac fd interest)
Bank tds कlटेगा on fd interest income, तो क्या बाद में हमें refund के लिए ITR file करनी पड़ेगी क्योंकि टैक्स liability तो zero होती है 12.75 lac पर?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

07 November 2025 Yes, file ITR & claim excess as refund.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

09 November 2025 Good luck...

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