We understand that a lot of future planning and saving some investments
is necessary for convenience. Therefore, it is necessary to manage your taxes
so that you are able to evaluate your total income at the end of the year
(annually).
Tax is cut from all your sources of income. But did you know, you can
ignore it too? Know how? File
my Returns, is a Tax FillingOnline platform which explains vividly how can save yourself from the tax
deduction. Let’s look at the spotlight and avoid paying unnecessary TDS.
Ever wondered what really is
TDS?
It is a procedure where the government (tax department) plays its role
by collecting tax from our sources of income. Let’s take a deep look, TDS is
deducted from salary, commission, brokerage, rent, royalty fees, interest, etc.
1. Split your FD across bank accounts
When you’ve already split your fixed deposits across various bank
accounts. In order to get exempted from TDS, you need to show your overall
interest rate as ten thousand only. It will help you in reducing your tax
liabilities.
2. Submit the forms
The forms namely, 15G and 15H are certain types of declaration forms.
15G represents the people who are below sixty years, and 15H represents for all
the senior citizens who are above sixty years.
For example- On the interest of 5 lakhs from fixed deposits, TDS would
be 50,000 (quoting 10% as the interest). If you are able to submit the 15G
form, then you will be glad to know that there will be no TDS.
Pay close attention when you make investments and do the calculations
for the year. Try avoiding the taxes, wherever you can. For any other guidance,
you may get in touch with us- https://www.filemyreturn.co.in/.
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