Income tax returns (ITR) filing: You don't have to pay tax under this amount
The Income-tax Act has prescribed a different threshold limit for deduction of tax at source under various sections. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source.
5. No TDS from interest on 6.5% Gold bonds, 1977 or 7% Gold bonds, 1980 paid to resident individual: If bonds held by other than non-resident individual (or behalf of any other person) and makes declaration to the payer that the nominal value of such bonds does not exceed Rs 10,000 at any time during the period to which interest relates. Image source: Reuters
7. No TDS from interest other than on securities paid by a banking company or co-operative society engaged in carrying on the business of banking: If amount of interest paid or credited on time deposit during the financial year exceeds Rs 10,000 (for all type of payee)/Rs 50,000 (from 01/04/2018 if payee is resident senior citizen). Image source: Reuters
8. No TDS from interest on any deposit with a post office under Senior Citizens Saving Scheme Rules, 2004 (Notified scheme): If amount of interest paid or credited on time deposit during the financial year exceeds Rs 10,000 (for all type of payee)/Rs 50,000 (from 01/04/2018 if payee is resident senior citizen). Image source: Reuters