Question 1

Can I claim back deducted TDS?

Accepted Answer

Yes! If your total annual tax liability is lower than the total TDS deducted, you can claim a refund by filing your Income Tax Return (ITR).

Question 2

How do I avoid TDS on fixed deposits?

Accepted Answer

If your total income is below the taxable limit, you can submit Form 15G (or Form 15H for senior citizens) to your bank to prevent them from deducting TDS.

Question 3

Is TDS the same as final tax?

Accepted Answer

No, TDS is just an advance tax collected at the source of income. You must still calculate your final tax liability and pay any remaining balance (or claim a refund).

Question 4

What is Form 15G and 15H?

Accepted Answer

These are self-declaration forms submitted to banks to prevent TDS deduction on interest income if your total income is below the taxable limit. Form 15H is for senior citizens, while 15G is for others.

Question 5

How do I claim a TDS refund?

Accepted Answer

If the TDS deducted exceeds your actual tax liability for the year, you can claim a refund by filing your Income Tax Return (ITR). The refund will be credited directly to your bank account.

TDS Calculator

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