yellowkoala I want to know is form 15G mandatory for Fixed Deposit. I have heard that if the interest earned on an FD is more than 10,000 per annum, then TDS is deducted. So, if I submit form 15G, will I be exempted from TDS?
ava_frazier Form 15G is a self-declaration form that can be submitted by an individual to their bank, in order to avoid deduction of TDS (tax Deducted at Source) on interest earned from their Fixed Deposit. It is not mandatory to submit Form 15G for FD, but it is advisable to do so if your interest income from FD is below the taxable limit (as per your income tax slab).
ticklishsnake260 It is not mandatory to submit Form 15G for FDs. However, if the interest earned on your FD exceeds the basic exemption limit of Rs. 2.5 lakhs in a financial year, you will have to pay taxes on the interest income. You can avoid this by submitting Form 15G to your bank, if your total income (including interest income) is below the taxable limit.
