The only thing to be kept in mind is that the tax to be paid on his total income in the previous year should be zero. However, an individual may submit Form 15H to his tenant and request him to avoid TDS deduction.
TDS on Rent: Rental payments exceeding Rs. In this case also, the individual is free to submit Form 15H to the Post Office and request for no TDS Deduction, subject to meeting the applicable criteria. TDS on income generated from Deposits made in Post Offices: Certain Digitized Post offices may also choose to deduct TDS on an individual’s income generated via deposits made by them at the respective Post Office. However, the individual may submit Form 15H to the issuer and place a request for no TDS deductions, subject to meeting the required criteria in order to submit the form in question. 5,000 annually generated from corporate bonds. TDS on income generated from corporate bonds: TDS is applicable on any income exceeding Rs. The only thing to be kept in mind is that the tax assessee should be eligible for submitting Form 15H, which means, that his taxable income inclusive of his EPF balance should not fall in the specified taxable bracket and should be free of tax liabilities. 50,000 or above and wishes to withdraw the same before completion of the continued service period of 5 years then he may do so and is free to submit Form 15H to avoid the deduction of TDS on his EPF balance. However, if any individual has an accumulated fund of Rs. TDS on EPF withdrawal: Generally, TDS is applicable to Employee Provident Fund (EPF) balances in cases where the EPF is withdrawn before completion of 5 years of regular or continuous service in a particular organization. 
TDS on the interest income from Fixed Deposits : Form 15H helps a senior citizen save taxes on the interest earned by him from fixed deposits and recurring deposits kept with banks.Hence, one should make sure to submit the required form as early as possible in order to avoid deduction of TDS for the applicable financial year.įorm 15H is useful for a variety of purposes. TDS is usually deducted on a quarterly basis. The individual will have to file income tax return to claim a refund of the excess TDS deducted by the bank. What to do if I forget to submit Form 15H on time?įorgetting to submit the required form on time may lead to deduction of TDS by the bank in interest income from deposits exceeding Rs. The tax liability for the assessee for the applicable financial year should be nil.Should be an Indian citizen residing in India.Should be an individual tax assessee and not an entity or an organization.How to use Form 15H to prevent TDS deduction.What to do if I forget to submit Form 15H on time?.
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