Not liable to pay tax? Submit Form 15G/15H right away to avoid TDS

The Income-Tax (I-T) law allows taxpayers to receive certain income (interest, dividends, rent, and insurance commissions) without TDS deduction. Forms 15G and 15H are self-declaration forms that can be submitted by individuals to banks and other financial institutions to avoid TDS on certain types of income. Pratyush Miglani, managing partner, MVAC, says, “Individuals who are not liable to pay income tax can submit these forms.” These are individuals whose incomes are below the basic exemption limit in the new fiscal year and hence have nil tax liability.