https://www.desidime.com/comments/permalink/10383221
This is per new regime which is now made default
15g/h limit
previously limit till which no tds is deducted if form 15g/h is given used to be 2.5 lacs for non senior citizens and 3 lacs for senior citizens. now seeing these lines on fd print from different banks both on online forums and offline https://imgur.com/a/k...yp have they changed the limit?
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https://www.desidime.com/comments/permalink/10383234
paji here is the catch, nothing is mentioned here about the regimes. this wont be applicable to people filing as per old regime? banks have no idea about this
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https://www.desidime.com/comments/permalink/10384707
yes.. its safe to stick with 2.5/3L limit however my suggestion is to always check AIS till July15 as ideally banks/companies should complete their updates by May 31st max but I got my Form16 in June only and saw some entries were completed by banks in June so check AIS to see only the desired interests have been added and don't need to file tax if its below the 2.5L/3L limits.
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However AIS will know all the interest details and as per the old regime, income less than 2.5L and new regime, income less than 3L are not required to file tax
Now say you have 2L interest in ICICI bank and submitted Form 15G (below 60yrs) and same 2 L in HDFC bank, both banks will not deduct TDS as its under 3L (from 2023-2024 FY itself, default is new regime for any calculations and you can switch to old regime during tax filing) however tax for extra 1L will be calculated during filing and will be squared off as new regime has 7L with rebate and 7.75L for salaried/pension folks as standard deduction will be 75k from 2024-2025
In short if total interest from all instruments that pays interest is less than 3L means submit Form15G and don't need file tax (but its always better to file tax)