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T S Khurana |567 Answers |Ask -Follow

Tax Expert - Answered on Aug 11, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Namratha on Aug 04, 2025Hindi

Money

my bank did not deduct TDS but my interest income crossed 100000. I am senior citizen. do I still need to report this when filing returns?

Ans: Yes. Bank may or may not deduct TDS on your interest income due to any reason, You have to declare this earning in your ITR & pay due income tax, before filing your ITR.
Most welcome to write for any further clarification. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Financial Planner - Answered on Dec 21, 2020

Question by KG - Dec 21, 2020Hindi

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Is TDS applicable for senior citizens' bank accounts if interest income exceeds Rs 10000/- but is less than Rs 50,000?

Ans: TDS is applicable for the interest income earned on fixed deposits. In your case, we suggest to submit form 15H at the beginning of the year to prevent TDS deduction.

Form 15H is applicable for depositors with age above 60 and annual income less than 3 lakhs and also resident Indian.

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Financial Planner - Answered on Jun 02, 2024

Asked by Anonymous - May 26, 2024Hindi

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I have submitted my Form 15 in April 2023 as my income is below taxable income against interest received on my bank FDs. Bank has not deducted any TDS up to September 2023 but from October 2023 started deducting TDS on FD interest saying that interest on FDs has crossed the limit of 5 lakh. So as per IT rules should TDS be deducted?

Ans: You're right. Based on IT rules, TDS on FD interest might not have been applicable in your case. Here's a breakdown:

• TDS on FD Interest: There's no TDS deduction if the total interest earned from all your FDs with a bank is less than Rs 40,000 in a financial year. This limit is Rs 50,000 for senior citizens (aged 60 years and above).
• Form 15G/15H: By submitting Form 15G (for individuals below 60) or 15H (for senior citizens) in April 2023, you declared your income to be below the taxable limit. This should have exempted TDS on FD interest for the entire financial year (April 2023 - March 2024).

Possible Reasons for TDS Deduction:

• Crossed Interest Limit Misunderstanding: The bank might have mistakenly considered the total interest earned across all your FDs for the entire financial year (April 2023 - March 2024) and deducted TDS once it exceeded Rs 40,000 (or Rs 50,000 for senior citizens) from October 2023 onwards.
• Form 15 Not Processed: There's a chance your Form 15G/15H wasn't processed correctly by the bank.

Resolving the Issue:

• Contact the Bank: Reach out to your bank's customer care or branch manager and explain the situation. Mention you submitted Form 15G/15H and your income is below the taxable limit.
• Provide Documents: If needed, share a copy of your Form 15G/15H submission proof.

The bank should investigate and potentially reverse the deducted TDS.

Additional Notes:

• It's good practice to keep a copy of any forms submitted for future reference.
• If you still face issues, consider seeking guidance from a tax consultant.

Reetika Sharma |628 Answers |Ask -Follow

Financial Planner, MF and Insurance Expert - Answered on Sep 10, 2025

Question by V - Aug 24, 2025Hindi

Money

Hellow Sir, this is about income tax. I am a senior citizen, having FDs, from my retirement benefits. These FDs are for a duration of 2 years each, maturing this month end, ie, yet to mature. However, the home bank has deducted TDS, as ACCRUED INTEREST. It is shown in 26 AS and 26 AIS also. My doubt is, when the proceeds of interest is yet to be paid, whether TDS is valid; also the when the actual interest payable falls in next Financial Year (2025-26) only, is there any necessity to reflect in my income tax return.

Ans: Hi,

You need to report the interest in next year only as it is an income for this Financial YEar.

And yes, TDS is valid as it is the case of bank FDs.

But putting entire retirment corpus in 2 year Fd is not a good option as entire interest would be taxable.
Instead choose a mix of debt funds which gives you approx 8% return against 6.5% in FDs. And entire gain from Debt Funds will not be taxable every year. ONly the withdrawal is taxable.

Kindly consult a a Certified Financial Planner - a CFP who can guide you with exact debt funds to invest in keeping in mind your requirements and risk profile.

Best Regards,
Reetika Sharma, Certified Financial Planner
https://www.instagram.com/cfpreetika/

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I have asked this question 3 weeks ago and still no response. Please can someone address this. Hi health expert, I have been struggling with severe health anxiety for many years now. I am currently in my mid-40s and I think this started after a traumatic experience around 10–12 years ago. We had gone on a family vacation and shortly after returning my uncle fell seriously ill. After diagnosis we found out he had advanced stage cancer and we lost him within a few months. The shock of that experience affected me deeply and ever since then I have lived with an intense fear of cancer and serious illness. Even small things like a stomach ache, a pimple, swelling, fever, or any unusual sensation trigger extreme fear in me. I immediately start thinking the worst and it causes sleepless nights and constant worry. This has seriously affected my quality of life. Along with the anxiety, my OCD symptoms also become very intense during these phases. It feels like there’s a voice in my head constantly telling me to perform certain rituals like praying immediately, drinking water at a specific moment, not switching off the AC, or doing random actions “or else” something bad will happen. It becomes mentally exhausting, and at times I struggle to function normally in my daily routine. I have consulted several psychiatrists and psychologists over the years, but I still feel unhappy and stuck. I am reaching out here to ask if anyone has experienced something similar or found anything that genuinely helped whether coping techniques, home remedies, calming practices, or anything else that brought some peace and stability. Basically I am looking for some home remedy and also want to check is this something rare or they are people who goi through this.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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