{"id":6080,"date":"2026-05-27T05:04:14","date_gmt":"2026-05-27T05:04:14","guid":{"rendered":"https:\/\/youth.bank.in\/?page_id=6080"},"modified":"2026-07-01T11:14:15","modified_gmt":"2026-07-01T11:14:15","slug":"income-tax","status":"publish","type":"page","link":"https:\/\/youth.bank.in\/index.php\/income-tax\/","title":{"rendered":"Income Tax"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"6080\" class=\"elementor elementor-6080\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-240fda8 e-flex e-con-boxed e-con e-parent\" data-id=\"240fda8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1a05208 elementor-widget elementor-widget-html\" data-id=\"1a05208\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<style>\n  .bk-root *, \n  .bk-root 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Income Tax Office by way of Annual Information Return (AIR) yearly according to the Income Tax Act, 1961.\n          <\/div>\n        <\/div>\n      <\/div>\n\n      <!-- CARD 2 -->\n      <div class=\"bk-card\">\n        <div class=\"bk-card-head\">High Value Transaction Reporting Rules<\/div>\n        <div class=\"bk-card-body\">\n          <div class=\"bk-text\">\n            <span class=\"bk-number\">2)<\/span>\n            Fixed  Deposits of  Rs.2.00  lakhs  and above, amount  of Rs.2.00  lakh and above, in cash credited  in any account and any cheque, pay Order or cash amount of  Rs.1.00 lakh withdrawn  from any account  shall have to be  informed  by bank yearly to the Income Tax Office.\n          <\/div>\n        <\/div>\n      <\/div>\n\n      <!-- CARD 3 -->\n      <div class=\"bk-card\">\n        <div class=\"bk-card-head\">PAN Requirement & Declaration Rules<\/div>\n        <div class=\"bk-card-body\">\n          <div class=\"bk-text\">\n            <span class=\"bk-number\">3)<\/span>\n            Permanent Account No. (PAN) is essential for  every cash transaction of Rs.50,000\/- and above in Bank.\n          <\/div>\n\n          <div class=\"bk-text\">\n            However,  if  He\/She  dosen\u2019t have PAN then He\/She  could give declaration  in Form No.60. It  is available on this website  which can be downloaded.\n          <\/div>\n        <\/div>\n      <\/div>\n\n      <!-- CARD 4 -->\n      <div class=\"bk-card\">\n        <div class=\"bk-card-head\">TDS on Fixed Deposit Interest<\/div>\n        <div class=\"bk-card-body\">\n          <div class=\"bk-text\">\n            <span class=\"bk-number\">4)<\/span>\n            Interest income  of Rs.10,000\/-  and above in a financial year from Fixed Deposit  attracts  10% TDS . However,  if the depositor  is having income from agriculture and gives  undertaking in Form No.61 the Tax  will   not be  deducted from the interest income  of depositor.\n          <\/div>\n\n          <div class=\"bk-highlight\">\n            But  Bank has to report  the information on yearly basis  to the Income Tax Office.  Form No.61  is available on this website  which can be downloaded.\n          <\/div>\n        <\/div>\n      <\/div>\n\n      <!-- CARD 5 -->\n      <div class=\"bk-card\">\n        <div class=\"bk-card-head\">TDS Limits & Form 15G \/ 15H Rules<\/div>\n        <div class=\"bk-card-body\">\n          <div class=\"bk-text\">\n            <span class=\"bk-number\">5)<\/span>\n            With effect  from 1st June 2015 every depositor whose income  from total interest from total deposits kept in all the branches of  Bank  exceeds  Rs.10,000\/- in a Financial Year  attracts  TDS  @10% .  Here, income from interest has considered from Fixed Deposits and Recurring Deposit  accounts. However,  the following categories  are exempted from TDS application.\n          <\/div>\n\n          <div class=\"bk-highlight\">\n            I)  Those individual depositors  whose  total taxable income from all the sources is less than Rs.2,50,000\/- in a financial year and whose  age is  less than 60 years  can submit declaration in Form No.15 G in triplicate.\n          <\/div>\n\n          <div class=\"bk-text\">\n            Income from agriculture is totally tax free, but  from agricultural income if  investment has been done  then interest  income from that investment is not tax free. Further Companies and  Firms are not allowed to submit this Form.\n          <\/div>\n\n          <div class=\"bk-highlight\">\n            II) a. Those individual depositors whose total taxable income from all the sources is less than Rs.3,00,000\/- in a financial year and whose age is  more than 60 years but less  than 80,\n          <\/div>\n\n          <div class=\"bk-highlight\">\n            b. Those individual depositors whose total taxable income from all the sources is less than Rs.5,00,000\/- in a  financial year and whose age is  more than 80 years,\n          <\/div>\n\n          <div class=\"bk-text\">\n            both  can submit a declaration in  Form No.15H in triplicate.   Form No.15 H   is available on this website  which can be downloaded.\n          <\/div>\n\n          <div class=\"bk-text\">\n            The above declarations  should be submitted in a month  in which amount of interest  from deposits exceed Rs.10,000\/-  or  at the time of  acceptance of deposits.  Such declaration  should be submitted at beginning  of every financial year.  The concerned Branch will handover a certificate in Form No.16 A for the TDS  to depositor  at  the end of  30 days  from the concerned end  of  the  quarter.  These  declarations should be accompanied a zerox copy of  PAN card and unless PAN card  is  produced declaration  is not valid.\n          <\/div>\n\n        <\/div>\n      <\/div>\n\n    <\/div>\n  <\/div>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Income Tax Information &#038; Banking Compliance Rules Cash Deposit Reporting (AIR Requirement) 1) If any Savings accountholder credits amount of Rs.10.00 lakhs or more in cash to his\/her savings account in total during a year, Bank has to report it to the Income Tax Office by way of Annual Information Return (AIR) yearly according to&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"class_list":["post-6080","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/pages\/6080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/comments?post=6080"}],"version-history":[{"count":7,"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/pages\/6080\/revisions"}],"predecessor-version":[{"id":6846,"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/pages\/6080\/revisions\/6846"}],"wp:attachment":[{"href":"https:\/\/youth.bank.in\/index.php\/wp-json\/wp\/v2\/media?parent=6080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}