For age below 60 year - If your interest income on bank / post office deposits exceeds Rs 10000 a year, the bank will deduct 10% tax at source. To avoid TDS on interest income submit Form 15G.
For age above 60 year - From April 2018 the TDS on bank / post office interest income limit is proposed to increase from Rs 10,000 to Rs 50,000. Accordingly, if your interest income on deposits exceeds Rs 50000 a year, the bank will deduct 10% tax at source. To avoid TDS on interest income submit Form 15H.
In this connection please note that :-
PPF Calculator - Special Feature of this Calculator You can check calculation of interest from the date of opening of your PPF account upto the end of current Financial Year. To continue to check interest press the button "Check Interest for Next Year". It will carry over closing balance as opening balance for the next Financial Year.Income Tax Exemption Limit
# This income is net of proposed deduction available to Sr. Citizen u/s 80TTB maximum of Rs. 50000/- for interest income on Bank / Post office deposits.
*Standard Deduction :- A deduction of forty thousand rupees (Rs. 40000/-) or the amount of the salary, whichever is less available under Section 16(ia) w.e.f. 1st April 2018 for (AY 19-20). Please enter your total estimate of salary / pension payable amount for FY 18-19 after taking into account Standard Deduction.
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