HDFC Merger: How to Get TDS Certificates for Filing Your Income Tax Returns?

Customers of HDFC and HDFC Bank can get their TDS certificates even if the entities have merged. Find out the process for easier tax filing.

Get TDS Certificate After HDFC Merger
  • HDFC merged with HDFC Bank and the process was completed on 1st July 2023
  • The TDS rules have changed post the merger and customers should know the rule
  • You can also get your TDS certificates through HDFC Bank for easier tax filing
  • Know the process and the rules for TDS and how to adjust to the changed norms

Two of the most reputed financial companies – HDFC and HDFC Bank merged their operations on 1st July 2023 making the bank a leading financial player in the sector. After the merger, the operations of HDFC have merged with HDFC Bank which means changed TDS norms for existing customers.

Let’s understand what has changed and how to account for the changes in your income tax returns.

Also Read – Know the details of the merger for more information.

Changes for HDFC Limited Customers Post the Merger

  • Previously, TDS was applicable for HDFC customers if the interest income exceeded ₹5000. However, post the merger, the threshold limit has increased to ₹40,000 for individuals below 60 years and ₹50,000 for senior citizens.

  • If you are a customer of both HDFC and HDFC Bank, the interest earned from both entities would be aggregated and then compared against the threshold limit of ₹40,000 (₹50,000 for senior citizens).
  • If HDFC Limited deducted TDS basis the previous threshold limit of ₹5000, the same would be adjusted in the future TDS deductions.
  • If there are no eligible TDS deductions in the future and the TDS was previously deducted on a lower threshold basis, you would have to file for a TDS refund in your returns.
  • If you have an existing fixed deposit in HDFC and you have submitted Form 15G/H for the same, the form would be valid after the merger too. For any new deposit, an additional form would be needed.
  • Even in the case of renewal of an existing FD after the merger, a new Form 15G/H would be required.
  • For individual deposits in HDFC and HDFC Bank, independent Form 15G/H would be required for each deposit.

Getting TDS Certificates Post-Merger

If you have made a fixed deposit with both HDFC and HDFC Bank, you will get two TDS certificates in the first financial year after the merger, i.e., 2023. You will receive two TDS certificates from the entities through email or any other mode of communication used by them.

Click here to read the latest articles on Tax Planning 

The bottom line

For HDFC Limited, the higher TDS deduction limit would be a welcome relief. So, know the changed norms and use them to your advantage when filing your returns. Get the TDS certificates from both entities and file your returns under two individual TANs this year. From the next year, a single TDS certificate would be issued which would streamline tax filing.

Also Read – Are you an existing customer? Find out how you will be impacted after the merger



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