TDS is not deducted if interest payout in year is less than 40,000 (applicable from 01st April 2019). Here, we will give you some quick tips to smooth your TDS woes on Fixed Deposits.
1- Time your investments: Something to know about FDs is that if you invest in fixed deposit in October and financial year ends in March, then your interest will be divided in two years.
2- Split the fixed deposit: An individual can have a FD on his/her personal account and another under HUF (joint account). Both these deposits are considered different.
3- Submit Form 15H/15G: If you declare that you do not have any income that can be taxed with a Form 15G, then banks do not cut TDS on your deposits. Senior citizens can fill the Form 15H.
So, what are you waiting for? Go with any of these tips to save TDS on your fixed deposits! Kyonki FD sahi hai, tax ki tension nahi hai.