Who can give form 15H/G to avoid TDS and upto what amount? ie. 3 lakhs int income can he give 15G/H?

Question

Who can give form 15H/G to avoid TDS and upto what amount? ie. 3 lakhs int income can he give 15G/H?

Answer 1

The receipient must meet these conditions: *Tax on total income of the previous year must be nil and *the Form 15H/15G covers only the maximum amount not chargable to tax.

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Answer 2

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Answer 3

Interest income from any particular Bank or Organization should not exceed the basic exemption limit of Rs 1.5 Lakhs or Ra 1.75 Lakhs for women or Rs 2Lakhs for Senior citizens beyond 65 years of age. However, this limit to avoid TDS is applicable for the organization that is to deduct tax...... the assessee can have interest earning deposits in different organizations, in which case it may be possible to avoid TDS even upto Rs 3 Lakhs or even more of total income so long as there are suitable deductions under chapter VI (Sec 80C etc.) so that the net taxable income is reduced to the basic exemption limits or lower.