TDS on interest income: Tax Deduction at Source is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted from a person at the time of making or crediting certain specific nature of payment to the other person and the deducted amount is credited to the Government account.

It is similar to "pay as you earn" scheme. This TDS is applicable only if the professional or turnover amount exceeds a certain amount. For senior citizens to avail exemption for TDS they will have to submit a 15H form to the bank that holds their FDs.

Free tax filing: Another benefit for senior citizens is free tax filing in ClearTax. Unlike other citizens, seniors will not have to pay anything to file a tax return. ClearTax is the online or e-file method for ITR. All you have to do is upload your form-16 and ClearTax will take care of the income tax returns in seconds. It also determines the form you need.

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