Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • PM Modi in Manipur
  • Charlie Kirk killer
  • Sushila Karki
  • IND vs PAK
  • India-US ties
  • New human organ
  • Downton Abbey: The Grand Finale Movie Review
fp-logo
ITR filing: Deduction of TDS on interest income and how to avoid it
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • India
  • ITR filing: Deduction of TDS on interest income and how to avoid it

ITR filing: Deduction of TDS on interest income and how to avoid it

FP Trending • April 25, 2023, 17:40:51 IST
Whatsapp Facebook Twitter

Taxpayers can avail a significant benefit by avoiding TDS on income like interest and rent, if their annual taxable income falls below the tax exemption threshold.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
ITR filing: Deduction of TDS on interest income and how to avoid it

The current provisions for Tax Deduction at Source (TDS) apply to various types of payments including salary, interest, brokerage, commission, professional fees, royalty, and more. However, if the total amount of interest credited or paid to the payee for time deposits during the financial year does not exceed Rs 40,000, then no tax is required to be deducted. In case of senior citizens, the threshold stands at Rs 50,000. Any individual who has a bank account and earns interest on their deposits is subject to paying taxes on this income. It is important for those who receive interest income from their bank accounts to be aware that taxes are to be deducted at the time of payment or credit of interest, whichever comes first, as per section 194A. Taxpayers can avail a significant benefit by avoiding TDS on income like interest and rent, if their annual taxable income falls below the tax exemption threshold. This can be done by submitting Form 15G or 15H to the appropriate person or organisation. Form 15G is applicable for individuals below 60 years of age, while Form 15H is for individuals who are 60 years of age or older. These forms are useful when the taxpayer’s interest income falls below the specified limit and they wish to avoid TDS. Submitting Form 15G/15H The taxpayer who receives declarations in the form of Form 15G or 15H will need to upload the details of such declarations on a quarterly basis on the e-filing website (www.incometax.gov.in) using their digital signature. The deadlines for uploading the details are as follows:

  1. Within 15 days from the end of the first, second, and third quarters.
  2. Within 30 days from the end of the fourth quarter.

Important points to keep in mind

  1. A declaration using Form 15G or 15H can be submitted if the total annual interest does not exceed the applicable exemption limit, which is Rs 2,50,000, Rs 3,00,000, or Rs 5,00,000, depending on the specific case.
  2. This requirement does not apply to senior citizens. If a resident senior citizen expects that the annual interest to be paid to them will exceed the exemption limit of Rs 2,50,000 or Rs 5,00,000 (depending on the specific case), they can still submit a declaration using Form 15H. This can be done as long as the tax payable on their total income, after considering the rebate under section 87A, is nil.
  3. Only individuals who are residents of India are eligible to make a declaration using Form 15G or 15H.
  4. The total income tax liability for the year should be zero.

Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.

Tags
TDS ITR filing TDS deduction
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

'New dawn': PM Modi meets Manipur violence victims in first visit since 2023 unrest

'New dawn': PM Modi meets Manipur violence victims in first visit since 2023 unrest

Prime Minister Modi visited Churachandpur, Manipur, meeting displaced people from ethnic clashes. Modi laid foundation stones for 14 development projects worth over ₹7,300 crore in Churachandpur. Opposition criticized Modi's visit as "too little, too late" and questioned its impact on healing wounds.

More Impact Shorts

Top Stories

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Top Shows

Vantage Firstpost America Firstpost Africa First Sports

QUICK LINKS

  • Mumbai Rains
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV