Tds for super senior citizens
This query is : Resolved
Rithesh Kakkara
(Querist)
23 May 2014
should the bank deduct TDS on interests received on deposits made by super senior citizens if its above the limit of 10000 rupees ??
CMA Girish P
(Expert)
23 May 2014
Yes. Rs.10,000 is limit irrespective of category of person.
CMA Girish P
(Expert)
23 May 2014
If your total interest income for the year will not fall within overall taxable limits, then you should inform your bank and request not to deduct TDS on deposit, by submitting a form as per the provisions of the Income Tax Act. The forms required for different categories have been listed below:
Individual 15H
Trusts 15AA.
Individual 15H
Trusts 15AA.
CMA Girish P
(Expert)
23 May 2014
Now Interest on SB Account ( Now 4% interest) and RD is not considered for Rs.10,000 limit
Rupesh Jain
(Expert)
23 May 2014
you can file 15H form with bank if the income of individual not more than Rs. 500000/- in a year.
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