Form 15H is beneficial for senior citizens who rely on FD interest for their regular income and wish to avoid unnecessary TDS deductions, which would otherwise require them to file an income tax ...

You can stop banks from deducting TDS on your fixed deposit interest—if your total income is below the taxable limit. Banks usually deduct 10% tax (TDS) if your FD interest is more than Rs 40,000 in a ...

To prevent TDS deduction, senior citizens can submit Form 15H, declaring that their total income (after deductions and rebate) is below the taxable limit.