Seniors need to submit Forms 12BBA, 15G, 15H to save on TDS: Experts

As we enter FY23, remember April is a good time to look into your tax planning for the year ahead

As we enter 2022-23 (FY23), remember April is a good time to look into your tax planning for the year ahead. For instance, take steps to save on tax deducted at source (TDS) on fixed deposits or exemption from filing income-tax return (ITR).

Aakanksha Goel, direct tax partner, TR Chadha & Co. LLP. says, “With the start of the new fiscal year, taxpayers will need to submit declarations to claim exemption under Income-Tax (I-T) Act, 1961, which includes filing Forms 12BBA, 15G, and 15H.”

Form 12BBA: A new Section 194P inserted in I-T Act, 1961, provides senior citizens above the age of