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TDS on rent and interest: simple rules for senior citizens

A higher exemption limit and a form that stops tax being cut.

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Seniors can submit a declaration to their bank so no tax is deducted on interest up to 1 lakh rupees (sample limit).

Form 15H lets a senior citizen tell the bank that their total income is below the tax limit, so no tax is cut on interest. It must be submitted every financial year.

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