Then this also allows him or her to take recourse to form 15 G.
Earlier, all fixed deposit accounts that had generated a gross interest amount of INR 10,000 and above in a given financial year were subjected to TDS deductions. This is done to ensure that the interests earned on the particular deposit account are not subjected to TDS deductions. What is Form 15 G?įorm 15 G is an authorized document that an individual below the age of 60 years holding a fixed deposit account in a bank needs to fill out. To ensure that our fixed deposits and the interests we earn from there are not subjected to TDS deductions, we are required to fill out a form which goes by the name- “Form 15 G”. This usually happens in the form of Tax Deduction at Source(TDS). No one would want to see their hard-earned thoughtful investments slipping out of their hands.
However, the commercial advantage that banks have to pertain to the area of interest provisions. As a primary repository for the hard-earned fruits of our labour, banks play the most foundational role in the economy.