What is the TDS rate on FD interest for senior citizens vs regular taxpayers?

For senior citizens, TDS on FD interest is deducted at 10% if interest exceeds Rs 50,000 per bank per year. For regular taxpayers, it is 10% on interest exceeding Rs 40,000. Your father should submit Form 15H to claim TDS exemption if his total income is below the taxable threshold. The Rs 50,000 exemption is per bank, so he can split FD across banks to minimize TDS.

For senior citizens, TDS on FD interest is deducted at 10% if interest exceeds Rs 50,000 per bank per year. For regular taxpayers, it is 10% on interest exceeding Rs 40,000. Your father should submit Form 15H to claim TDS exemption if his total income is below the taxable threshold. The Rs 50,000 exemption is per bank, so he can split FD across banks to minimize TDS.

For senior citizens, TDS on FD interest is deducted at 10% if interest exceeds Rs 50,000 per bank per year. For regular taxpayers, it is 10% on interest exceeding Rs 40,000. Your father should submit Form 15H to claim TDS exemption if his total income is below the taxable threshold. The Rs 50,000 exemption is per bank, so he can split FD across banks to minimize TDS.

Important: Even with Form 15H, if his total income including FD interest exceeds Rs 3 lakh (new regime) or Rs 2.5 lakh (old regime), he still needs to pay tax on the excess. The bank will not deduct TDS but he must include the interest in his ITR.

Important: Even with Form 15H, if his total income including FD interest exceeds Rs 3 lakh (new regime) or Rs 2.5 lakh (old regime), he still needs to pay tax on the excess. The bank will not deduct TDS but he must include the interest in his ITR.

Important: Even with Form 15H, if his total income including FD interest exceeds Rs 3 lakh (new regime) or Rs 2.5 lakh (old regime), he still needs to pay tax on the excess. The bank will not deduct TDS but he must include the interest in his ITR.