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Calculate eligibility to submit form 15G / 15H Interest Income FY 2019-20 (AY 2020-21) of Bank / Post Office Deposits

For age below 60 year - TDS threshold limit on interest earned on bank/post office deposits is raised from 10000 to 40000 from April 2019 under Section 194A . Accordingly, if your interest income on bank / post office deposits exceeds Rs 40000 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 increased 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 :-

  1. If you do not furnish PAN details, the TDS rate will be higher at 20%.
  2. An incorrect declaration amounts to tax evasion and can invite stiff penalties.

Who can Submit Form 15G

  1. Can be submitted by Indian resident or HUF. NRIs cannot avail these benefits
  2. Can be submitted by person who is less than 60 years of age.
  3. Can be submitted only when the tax on estimated income for the year is nil
  4. Can be submitted only when amount of interest and other income from all sources doesn't exceed the basic exemption limit which is Rs. 2,50,000 for financial year 2019-20.

Who can Submit Form 15H

  1. Can be submitted only by Indian resident who is above 60 years of age or completes 60 years during the financial year. Can not be submitted by HUF.
  2. Can be submitted only when the tax on estimated income for the year is nil.
  3. For submission of form 15H there is no limit on amount of interest income as in the case of 15G.

Download Fillable Form 15G    15H

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.

Calculate / Check your Eligibility to submit form 15G / 15H in Banks / Post Office for Interest Income from Deposits in Banks / Post Office

Select your Age
Interest Income from Deposits
Income From Salary / Pension
Before Standard Deduction
Less Standard Deduction*(SD Limit)
Income From Other Sources
viz. Capital Gain, House Property & any other Income
Deductions u/s 80C
Maximum Rs. 1.50 Lac
Deductions u/s 80D (For Health Insurance Premium) - Self
Deductions u/s 80 D - Parents Below 60 years
Deductions u/s 80D (For Health Insurance Premium) - Parents
Other Eligible deductions, if any
(Deductions Other than u/s 80TTB)
Total Income (after deduction of Standard Deduction from Salary/Pension Income)
Your Taxable Income #
Your Eligibility to Submit Form 15G / 15H
Income Tax Exemption Limit
  1. Age Below 60 Years = Rs. 250000/-
  2. Age 60 To Below 80 Years = Rs. 300000/-
  3. Age Above 80 Years = Rs. 500000/-

Section 194A of Income Tax

Section 194A of income tax act provides for deduction of tds on payment made regarding interest. TDS threshold limit on interest earned on bank/post office deposits is being raised from 10,000 to 40,000 under section 194A from April 2019. For example if bank pays Rs. 40,001 interest on fixed deposit to a customer. Since the amount is more than Rs. 40,000, bank is liable to deduct TDS @ 10% on the whole amount of interest i.e Rs. 40,001.

# This income is net of deduction available to Sr. Citizen u/s 80TTB maximum of Rs. 50000/- for interest income on Bank / Post office deposits w.e.f. FY 18-19

*Standard Deduction :- A deduction of fifty thousand rupees (Rs. 50000/-) or the amount of the salary, whichever is less available under Section 16(ia) w.e.f. 1st April 2019 for (AY 20-19). This limit was Rs. 40000/- for FY 18-19. Please enter your total estimate of salary / pension payable amount for FY 19-20 after taking into account Standard Deduction.

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