Ideally, these forms should be submitted before the start of the financial year for which TDS is to be deducted or before the first income payment which is subject to TDS. (Image: Reuters) Question: ...

Banks deduct TDS when your interest income for a financial year crosses Rs 40,000. This interest income limit is Rs 50,000 for senior citizens under section 194A of the Income Tax Act. For tax ...

Income Tax Saving on FD: Fixed Deposits (FDs) provide an investor guaranteed returns in the form of interest earned on deposits. One can also get tax exemption on deposits of up to Rs 1.50 lakh under ...

There are a number of income tax (I-T)-related deadlines that are set to expire on April 30, 2025. One of the most pertinent ones is the deadline for the Vivad Se Vishwas Scheme 2024. Meant to reduce ...

When it comes to tax, the well-established rule is that no income can escape it, except in cases where your income is lower than the taxable threshold. In such circumstances, your income is exempt ...

As per the Income Tax Act of 1961, financial institutions like Bajaj Finance must deduct TDS if the interest income of customers investing in FDs exceeds Rs. 40,000 in a financial year (this limit is ...

However, if an individual's total interest income is below the taxable limit, then they can submit Form 15G and 15H to the bank and request them not to deduct any TDS. Representative image. Source: ...