4 Replies to “Senior Citizen TDS on Fixed Deposit?”

  1. If the interest payment exceeds 1,00,000/= in any financial year you have to pay income tax at the prescribed rate, as per Indian IT act. In your case I see it will be more than this amount. In this case it is best to give FORM 15H and give to Bank so that they will not deduct any tax.

    I have some accounts like this in my family and I am doing this. –

  2. The interest for 12 months is Rs. 1,16,250. For FY 2008-09, the income not subject to tax is Rs. 2,25,000. For FY 2009-10, it is Rs. 2,40,000.
    Unless you have any other income, your income is not subject to tax so you should file Form 15H.

  3. If this interest income is your only income, or your total taxable income < Rs 2.25 lakhs, then you are eligible to submit Form 15H.

    It is certainly beneficial as you need not file an ITR to claim refund of TDS.


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