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I have made some deposits with a bank on which annual interest is around 15000. My income is below taxable limit. The banker wants to deduct tax. What do I do?

You can file a self-declaration to the banker in Form 15H stating that your income is below taxable limit. The form is available with your banker, the local Income Tax office and can be downloaded from the website www.incometaxindia.gov.in This form should be filed before the interest begins to accrue in the fixed deposit account, since the declaration has no retrospective effect.

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