Tax deducted at source (TDS) is a major worry for fixed and recurring deposit investors. Currently, banks deduct TDS if the total interest earned is more than Rs 10,000 in a year. The only way to avoid it is to submit the Form 15G or 15H on time. Form 15H is for senior citizens and 15G for those below 60. Since banks consider the total interest payable in a year and not total interest paid in a year for computing TDS, the deduction is made at the beginning of the financial year. So, it is best to hurry and submit the relevant forms in the first week of April itself. However, you need to be careful. People who have taxable income are not eligible to file 15G and 15H forms. If you file it illegally, the IT Department can take action against you
The government has provided a big relief to senior citizens in its latest Budget, raising tax free interest from Rs 10,000 to Rs 50,000. So, senior citizens earning interest up to Rs 50,000 can submit Form 15H and avoid TDS. Note that this new Rs 50,000 limit under Section 80TTB is for deposits across all banks and post offices.
Are you eligible to submit Forms 15G, 15H? Avoiding TDS by submitting forms 15G and 15H illegally can lead to action by the taxman. *Total income before availing of section 80C deductions.
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A PPF account can be retained after maturity without making any further deposits. The balance will continue to earn interest till it is closed. Public provident fund or PPF remains one of the most popular savings options for the long term despite a gradual decline in interest rates over the years. PPF accounts have a maturity period of 15 years and they can be extended. If there is no fund requirement, financial planners say, PPF account holders should extend the account beyond 15 years. In terms of income tax implications, PPF accounts enjoy the benefit of EEE (exempt-exempt-exempt) status . Under Section 80C, contribution up to Rs 1.5 lakh in a financial year qualifies for income tax deduction. The interest earned and maturity proceeds are also tax free. What are your options when a PPF account matures? 1) A PPF account can be closed after the expiry of 15 financial years from the end of the year in which the account was opened. 2) The subscriber can retain his
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