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Taxpayers opting for Old Tax Regime can save taxes by investing in tax saving FD schemes, life insurance premium, tuition fees, home loan principal repayment. Fixed deposits are one of the best tools for tax saving.
According to income tax laws, a bank is required to deduct tax at source if the aggregate interest likely to be paid by all its branches exceeds ₹40,000 in a year
Form 15G/15H is submitted by individuals to the bank to stop them from automatically subtracting tax deducted at source (TDS) from their interest
TDS usually constitutes a lion’s share of about 47% of the gross direct tax collections
Form 26AS is a consolidated annual tax statement that shows the details of taxes