When earning interest income, it’s essential to be aware of the tax implications that come with it. According to the current income tax laws, interest earned from fixed deposits, recurring deposits, and other fixed-income instruments is subject to Tax Deducted at Source (TDS) if it exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). However, individuals whose total income falls below the basic exemption limit can avoid TDS deductions by submitting Form 15G or 15H. Doing so ensures they aren’t subjected to unnecessary tax deductions.
Bajaj Finserv customers can easily view and submit their Form 15G or 15H through the customer portal. Additionally, Bajaj Finance FD investors can download their fixed deposit receipt by signing in to the “My Account” portal. For any queries or assistance, Bajaj Finserv customer care is readily available at +91 8698010101.
Understanding Form 15G and Form 15H
Form 15G and Form 15H are documents issued by the Income Tax Department that allow individuals to declare that their total income is below the basic exemption limit. Submitting these forms prevents TDS from being deducted on your interest income, allowing you to receive the full amount of interest without tax cuts.
Each form has specific eligibility criteria:
- Form 15G: Available to individuals below 60 years of age and Hindu Undivided Families (HUFs).
- Form 15H: For senior citizens aged 60 years and above.
These forms can only be submitted by Indian residents whose total estimated income for the financial year falls below the basic exemption limit (₹2.5 lakh under the old regime and ₹3 lakh under the new regime for FY 2023-24).
For help with filling out these forms or understanding eligibility, Bajaj Finserv customer care can be contacted at +91 8698010101.
When to Submit Form 15G/15H?
Ideally, Form 15G/15H should be submitted at the beginning of the financial year to avoid any TDS deductions on interest income. By submitting it early, you ensure no TDS is deducted from the very first interest payment. However, if you miss submitting it at the start, you can still submit it later in the financial year to prevent future deductions.
It’s important to note that these forms are valid for only one financial year. To continue availing the TDS exemption, they need to be submitted at the beginning of each financial year.
What Happens After Submitting Form 15G/15H?
Once you submit Form 15G or 15H to your bank or financial institution, the following steps occur:
- The bank or financial institution will verify the information in the form.
- You’ll receive an acknowledgment confirming that your form has been processed.
- If the form is correctly filled out and you meet the eligibility criteria, no TDS will be deducted on your interest income for the financial year.
You can regularly check your account statements to ensure no TDS has been deducted. If discrepancies arise, contact your bank or Bajaj Finserv customer care at +91 8698010101 for assistance.
Benefits of Submitting Form 15G/15H
If your total income is below the exemption limit (₹2,50,000 under the old regime and ₹3,00,000 under the new regime), submitting Form 15G or 15H offers several benefits:
- No TDS deductions: You receive the entire interest amount, which helps with cash flow and financial planning.
- No need to file an income tax return: If your income is below the exemption limit, you aren’t required to file a tax return, avoiding the hassle of claiming a refund for deducted TDS.
- Uninterrupted investment growth: By avoiding TDS, your investments grow without tax deductions affecting them.
Bajaj Finserv customers can easily submit these forms online. For further assistance, they can contact customer care at +91 8698010101.
How to Submit Form 15G/15H on Bajaj Finserv?
Bajaj Finserv customers can submit Form 15G/15H online to prevent TDS deductions. Here’s how to do it:
- Visit the Bajaj Finserv website.
- Click the ‘Sign in’ button at the top right corner.
- Select ‘My Account’ from the dropdown and sign in using the OTP sent to your registered mobile number.
- Enter your date of birth (DOB) for verification.
- Select the fixed deposit for which you want to claim a TDS waiver.
- Go to the ‘Quick Actions’ section and click ‘Submit Form 15G/15H’.
- Complete the form, verify your details, and submit using the OTP sent to your mobile.
How to Download Your Fixed Deposit Receipt (FDR)?
If you’ve opened a fixed deposit with Bajaj Finance, you can download your Fixed Deposit Receipt (FDR) by following these steps:
- Visit the Bajaj Finserv website.
- Click on the ‘Sign in’ button and enter your registered mobile number.
- Enter the OTP sent to your mobile and your date of birth for verification.
- Go to the ‘Document Centre’ section and select your fixed deposit.
- Download your Fixed Deposit Receipt (FDR).
For any assistance, reach out to Bajaj Finserv customer care at +91 8698010101.
Form 15G and Form 15H are important tools for individuals earning interest income to avoid unnecessary TDS deductions. By submitting these forms, you can receive your interest income in full, without the need to file a tax return for TDS refunds. Bajaj Finserv customers can submit these forms through the “My Account” portal and easily manage their fixed deposits.
For any assistance, don’t hesitate to contact Bajaj Finserv customer care at +91 8698010101.
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