Bank has deducted tax on my interest income

As per my income is below the tax limit I dont need to file returns. My Bank has deducted tax on my interest income. What should be done now?

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Hi Manasa

If the bank has deducted tax, you can claim back after filing return only. You have to update your income and FD/SB interest income in the return and claim the refund to your bank account. Next Financial year you can submit form 15H and ask bank not to deduct tax.

Thanks and Regards

Natarajan S.

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Dear Manasa

If you are not coming under the tax slab you have to submit Form 15G to the Bank to avoid deducting tax.

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Please note that whether your are above or below the salary bracket for tax purpose, you have to file the Income tax return. It’s compulsory for every salaried employee. If you are above the salary bracket, you will be taxed if not nil tax return has to be filed.
However, Interest in the Bank is taxable. Please get the relevant details - TDS certificate from the Bank and file Income tax return.

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