I am filing tax every year with Zero tax return for the last 2 years. Can I submit Form 15 G to bank to get TDS exemption ? Please let me know
If your total income is below the basic exemption limit for the current year, then YES, you can submit the Form 15G. But do remember one thing that avoiding TDS does not mean avoiding tax.
Form 15G and Form are forms you can submit to prevent TDS deduction on your income, if you meet the conditions mentioned below. For this, PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else.
Form 15G and Form are valid for one financial year. So, please submit these forms every year at the beginning of the financial year. This will ensure the bank does not deduct any TDS on your interest income.