What will be the effect on TDS certificate after HDFC-HDFC Bank Merger, know these things before filing ITR
HDFC-HDFC Bank Merger: If you are also a customer of HDFC, then this news is very important for you. HDFC Bank has made many major changes. You need a TDS certificate before filing ITR. You must know about HDFC's TDS-related rules so that you do not face any problems later.
HDFC Bank and Housing Development Finance Corporation (HDFC) merged on 1 July 2023. Since then many changes have been made for the customers. This month, you have to file your income tax return by 31 July 2023. We need a TDS certificate to file ITR.
After the merger of HDFC Bank and HDFC, customers are confused about TDS-related questions. Let us know through this article how you can get your TDS from HDFC Bank. Let us know what changes the bank has made after the merger.
If you were a customer of HDFC Limited then your interest income is more than Rs 5,000 then your TDS will be deducted. This limit has been increased after the merger. Now it has become Rs 40,000. For senior citizens, it has become Rs 50,000.
If HDFC Ltd has deducted a TDS of Rs 5,000, then you can adjust your TDS against this. If your TDS has not been deducted yet, you will have to claim that amount while filing your return along with your TDS certificate. Let us tell you that if TDS has been deducted before the merger, then you will not get it back.
If you have earned more than Rs 300,000 (Form 15G) or Rs 700,000 (Form 15H) this year, then it is important for you to know this. For this, you fill out Form 15G/H which will be invalid now. TDS will be deducted from the amount of interest you have received. Also if you have submitted Form 15G/H between April 1, 2023, and June 30, 2023, your PAN card will be inoperative even if your PAN card becomes inoperative.
If you had submitted a Low or Nil Tax Certificate (DTAA) to HDFC Limited before the merger. These certificates will be considered valid for the first financial year.
If you have already done Form 15G/H for the FD held with HDFC Limited before the merger, then this form is still going to be valid. If you have also opened FD before the merger, then you will have to fill out a separate form for this. You can still use it to submit Form 15G/H for FDs booked by HDFC Ltd. customers for FDs.
If you have FD in both HDFC Limited and HDFC Bank, then you will have to fill out separate forms for both of them.
