Income Tax Dept
TDS

I am a lady aged 63 years. I have an annual income of Rs. 4 Lacs, almost all from Bank deposits..

Considering the current income tax slabs of "1.6 lacs- No Tax and Up to 5 Lacs 10% tax",

my tax commitment for AY11-12, works out to only about Rs. 21, 000.

As banks are deducting 10% TDS on all interest income over Rs. 10, 000, I end up paying Rs 40, 000 as tax through TDS.

Can I give From-15G to avoid avoid excessive TDS? Can some body help me on this?

Why cant the govt reduce TDS rate to 5% in such cases

Company: Income Tax Dept
Country: India
State: Maharashtra
City: Mumbai Suburban

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