Does filing Form 15G/Form15H mean that my interest income is not taxable?

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• My total income for the year is below the tax limit. Can I avoid TDS on my interest income?

  Yes, you can avoid TDS on your interest income if your total income is below ₹2,50,00 (below the taxable limit). By submitting self-declaration form 15G (below 60 Years) and 15H (60 years and above) exemption on TDS can be claimed.

• Interest

  Any interest income received from saving bank account, FD/RD, income tax refund or any other mode. You can avail the benefit of Rs 10,000 U/S 80TTA from saving bank interest if age is below 60. If you are a senior citizen u can avail the benefit of ...

• If a particular source of income is exempt from tax, then can the loss from such income be set off against any other taxable income?

  No, you cannot set off a loss from a tax-exempt income with a taxable income. E.g., Agricultural income is exempt from tax. Therefore, if the taxpayer incurs a loss from agricultural activity, it cannot be adjusted against any other taxable income. ​

• What is Form 26AS?

  Form 26AS is a statement of all the taxes you have already paid. It gives an overall view of all the TDS deducted from your income in the financial year at various sources. These could be tax deducted on salary, commission income, interest received ...

• What is form 15G/15H?

  Form 15G and Form 15H are forms you can submit to make sure TDS is not deducted on your income subject to certain conditions. Form 15H is for those who are above 60 years of age; while Form 15G is for others. These forms are valid for one financial ...