16 July 2014
Generally TDS at the rate of 10% is deducted by bank on interest if it exceeds Rs.10000, but if a person comes in to 20% slab of income tax if he adds the bank interest into his annual salary income, then what is the option available for him? I have seen many cases that even a person has a taxable income, he fills form 15G to avoid TDS on bank interest and income tax department hasn't taken any actions against them yet, it shows that an honest taxpayer has to suffer a lot.
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