Bank deposits FD, income tax returns?

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Bank deposits FD, income tax returns?

I have a 3 year Fixed Deposit at a bank and a 5 year tax saving Fixed Deposit at another bank.
I have to file my income tax returns by this month end.

I was told that the bank would give me a form (I think 15H) which I can submit to the income tax dept. Would I have to submit this form at the end of the three years for the first FD or do I have to submit it every year?
For the second tax saving FD, do I have to submit a similar form every year or is it enough if I just submit a copy of the FD certificate to the income tax dept once?

N J Reddy

There is no need to file any papers to the Income Tax department along with the return form .

Every year you have to obtain interest certificate from the bank. (from both the banks). If they have deducted any TDS on your FD, then they will issue you Form 16 in which they will mention the interest earned by you for that year and the tax deducted from you. You have to show the interest (as per bank interest certificate or as per TDS certificate) in your returns in Income From Other Sources. If the bank have deducted TDS from your FD interest, then you have to show the TDS amount in your return and have to claim the refund if your income is below taxable or if you have excess paid the tax .

Regarding the Form 15H/G, you have to submit form 15h/g to the bank if your income is below taxable so that the bank will not deduct any TDS from your FD interest .

The bank will give you Interest certificate only if your interest on the FD is below Rs.10,000. If your interest on the Bank FD is more than Rs.10,000 then they will deduct TDS and give you TDS certificate (form 16) .

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