Avoid TDS on fixed deposits | How to SAVE TDS on FD | Post office TDS benefits | TAXvsTDS

How to save TDS on Fixed Deposit Interest? Learn about losses you will have in case TDS deducted but not applicable How to avoid TDS on FD. Best way to save Tax on FD to get max gain on FD interest

TDS vs TAX
TDS is Tax deducted at source - Income tax department made it mandatory to bank or other institute/company to deduct tax after certain limit. They want transaction to be recorded and need to ensure submission of tax on behalf on individual

Income tax is applicable if income earned via salary +Pension +Bank Interest + Any other income are above the tax limit for that particular year.

Pending income tax need to be paid before filing return. If income is below basic limit, then TDS (if already deducted will be return back)

Loss in case TDS deducted but not applicable
You need to wait till end of year before you get refund back
Compounding interest benefit loss – you earn less money on FD
Sometimes you need to follow Bank for form16 and form26AS entry

TDS deduction applicable if interest earned in a bank is more than Rs. 40,000 in a year. Limit is 50,000 for Sr Citizen
Rate@10% but @20% if PAN is not submitted

How to avoid TDS on FD and Post office Benefits
If you are sure that your total income in a year is less, then basic limit then you can ask Bank – not to deduct TDS by submitting form 15G/15H
Form 15G/15H need to be submitted at time of FD opening or April month which ever is later.
You need to submit 15G/15H once in a year for each bank

Form 15G : Applicable to individual below 60 years
Form 15H : For Sr Citizen (60+ age)

Post Office TDS Benefit : Post office do not deduct any TDS on KVP, NSC and other schemes.

Best way to save or reduce tax on FD
100% Tax saving* for Sr Citizen
Rebate under section 80TTB for FD interest upto RS50,000.
If Interest is more than 50,000 then tax applicable only if total income is more than basic limit slab

Include interest in total income every year rather than on Maturity
Benefit of section 80TTB every year.

General public (less than 60Y age) and tax benefit on saving interest upto 10,000 under section 80TTA
Additional upto 1500 interest tax saving if deposit on name of each minor child (upto 2 Children)

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