Individuals with their total income below the taxable limit can submit Form 15H and Form 15G to the bank and ask them to not deduct TDS on the amount of interest.
The banks in India have to deduct TDS when the interest income of an individual is more than Rs.40,000 a year. The bank includes deposits held in all branches to determine this limit. In case an individual’s total income is below the taxable limit, he/she can submit a Form 15G and Form 15H to the bank to request them not to deduct TDS on the interest amount.
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