Not liable to pay tax? Submit Form 15G/15H right away to avoid TDS

If your income exceeds 15G/15H limit but you qualify for tax deduction at a lower rate, use Form 13

April is the ideal time to plan your tax strategy for the new financial year. Taxpayers can, for instance, avoid tax deducted at source (TDS) on interest income from fixed deposits (FDs) using Form 15G or 15H. You can also claim exemption from filing an income tax return (ITR) by submitting Form 12BBA.

Forms 15G and 15H

The Income-Tax (I-T) law allows taxpayers to receive certain income (interest, dividends, rent, and insurance commissions) without TDS deduction. Forms 15G and 15H are self-declaration forms that can be submitted by individuals to banks and other financial institutions to avoid TDS on certain