form 15g or 15h or form 121 for bank purposes

[Sundaraiah kollipara]

sir,

A person two banks amount deposit in TDS some amounts

question:

a person TDS not deducted Form 15G,15H or Form 121 applicable for bank submit purposes

[YAGAY andSUN]

If a person has deposits in two banks and wants TDS (Tax Deducted at Source) not to be deducted on interest, the applicable declaration forms are:

1. Form 15G

• For individuals below 60 years (not senior citizens).
• Condition: Total income should be below the taxable limit for the financial year.
• The person must submit Form 15G separately to each bank where deposits exist.

2. Form 15H

• For senior citizens (age 60 years or above).
• Used to request the bank not to deduct TDS on interest if tax liability is nil.
• Must also be submitted to each bank separately.

3. Form 12B

• Not applicable for banks for TDS on interest.
• It is used for salary details when changing jobs, not for bank interest.

Conclusion:

• Use Form 15G (below 60 years) or Form 15H (60+ years).
• Submit the form to each bank individually where deposits are held.

Example:
If a person has FD in Bank A and Bank B, they must submit Form 15G/15H to both banks.

AI Summary

Form 15G/15H declarations prevent TDS on bank interest when eligibility is met; submit a separate declaration to each bank. Non deduction of TDS on bank interest requires submission of Form 15G (non senior individuals) or Form 15H (senior individuals) certifying that total income warrants nil tax liability; the relevant form must be submitted separately to each bank holding interest bearing deposits. Form 12B is inapplicable to bank interest TDS.