The planning and execution of an individual's tax strategy for the new financial year should begin in April. By submitting Form 15G or 15H, one can prevent tax deduction at source (TDS) on interest income. Individuals can also opt for lower TDS by applying under Section 197 of the Income-Tax (IT) Act. "Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax," says Naveen Wadhwa, vice president, research and advisory, Taxmann.
The declaration for no deduction of tax is filed by senior citizens in Form 15H and by other recipients in Form 15G. Submission of these forms can prevent TDS deductions on interest income, rent, insurance commissions, and Employees' Provident Fund withdrawals.
Income must fall under the basic exemption limit for one to avail of this benefit. "These forms allow an assessee the leverage of not following the traditional ITR filing procedure and claiming their deduction benefits in the first instance itself," says Devansh Jain, principal associate, PSL Advocates & Solicitors. Normally, one can claim TDS refund when filing the income-tax return for the financial year. These forms need to be submitted at the start of each financial year.
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