14 November 2013
Suppose you are a senior citizen you receive pension and your annual income is expected not to cross Rs.250000 but you have FD in a bank and interest on it crosses Rs.10000 then bank will deduct TDS but as you dont have any tax liability at the year end so you have to make efforts to recover tds amount deducted from the department. For this hardship to senior citizens department brought a form i.e.15H if in the beginning of the year you deposit this form with the bank then bank would not deduct tds on your interest.
14 November 2013
Form 15G has similar concept as to 15H but form 15G is for the persons other than senior citizen. If you expect your annual income below the taxable limit at the year end then you may submit form 15G with the bank and bank will not deduct tds on your interest.
CAclubindia
