TDS on interest income

This discussion clarifies the rules around Tax Deducted at Source (TDS) on interest income for individuals under 60. If your annual interest income exceeds £10,000, banks typically deduct TDS at 10%. However, if your total income is below £250,000, you can submit Form 15H to your bank to prevent TDS. It's important to note that this form needs to be submitted by the due date for the relevant Assessment Year, such as April 2020 for AY 2020-21.