Section 194A of Income Tax Act, 1961, banks and NBFCs are instructed to deduct TDS on all interest payments that exceed Rs. 10,000 in a year. A customer who receives interest more than 10K, the bank will automatically deduct tax on behalf of the customer and pay to Government.
Form 15G can not be used by individuals who are above 60 years of age.
These forms cannot be submitted by an NRI, and only an individual can submit them.
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