![]() ![]() The Income Tax Act of 1961’s Section 197A provision serves as the foundation for all of the rules and guidelines contained in this self-declaration form.If the taxpayer’s annual income is below the exemption limit, this form, which is a self-declaration form, must be submitted.The current cutoff point for doing so is ₹ 40,000 in a given fiscal year. The Government has raised the threshold for designating an account liable to TDS deductions beginning with the financial year 2019–20. Prior to this change, TDS deductions applied to all fixed deposit accounts with a gross interest sum of at least ₹ 10,000 in a given financial year. In order to prevent TDS deductions from being made on the interest earned on the particular deposit account, this is done. Form 15G is a legitimate form that everyone under the age of 60 who has a fixed deposit account with a bank must complete.
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