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Query: What are changes in TDS provision on FD interest by Interim Budget 2019

Category: Investments

Answer: Before the Interim Budget 2019, the bank has to deduct TDS if the total interest in a bank in a FY is more than 10000, In the Interim budget 2019, Finance Minister has increased this lmit of 10000 to 40000 (50000 for senior citizens) in a year. However, this does not affect the actual tax liability because taxability provisions of FD interest are the same as earlier.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 443

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