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Query: What is rate of TDS on FD

Category: Investments

Answer: Rate of TDS on FD is 10% if the amount of interest in a bank / post office exceeds Rs. 40000 in a financial year. The limit of amount of 40000 has been increased from 10000 W.e.f from 01/04/2019, this limit is Rs. 50000 for senior citizens. Rate of TDS also differs based on PAN information: 1. If our PAN No. is available with bank, bank deducts TDS @10% and deposit it to the Govt & credit it our PAN no so that we can take benefit of it. 2. If our PAN No. is not available with bank, bank deducts TDS @20% and deposit it to Govt. without credit to us. So we lose 20% completely.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 458



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