![]() ![]() 50,000 or above and wishes to withdraw the same before completion of the continued service period of 5 years then he may do so and is free to submit Form 15H to avoid the deduction of TDS on his EPF balance. However, if any individual has an accumulated fund of Rs. TDS on EPF withdrawal: Generally, TDS is applicable to Employee Provident Fund (EPF) balances in cases where the EPF is withdrawn before completion of 5 years of regular or continuous service in a particular organization.TDS on the interest income from Fixed Deposits : Form 15H helps a senior citizen save taxes on the interest earned by him from fixed deposits and recurring deposits kept with banks. ![]() ![]() Hence, one should make sure to submit the required form as early as possible in order to avoid deduction of TDS for the applicable financial year.įorm 15H for senior citizens is useful for a variety of purposes. TDS is usually deducted on a quarterly basis. The individual will have to file an income tax return to claim a refund of the excess TDS deducted by the bank. What to Do if I Forget to Submit Form 15H on Timeįorgetting to submit the required form on time may lead to deduction of TDS by the bank in interest income from deposits exceeding Rs. The tax liability for the assessee for the applicable financial year should be nil.Should be an Indian citizen residing in India.Should be an individual tax assessee and not an entity or an organization.How to Use Form 15H to Prevent TDS Deduction.What to Do if I Forget to Submit Form 15H on Time. ![]()
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