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Query: What is TDS on FD

Category: Investments

Answer: TDS (Tax deducted at source) is a deduction made by banks from interest on fixed deposits if the interest on FD with a bank/post office in a financial year exceeds Rs. 40000. (In case of senior citizen this limit is 50000). Bank deducts TDS on accrued interest at the end of each year, even if the same is paid or not to us. So we need to show our income as bank interest of that accrued amount. Bank deducts TDS out of our FD Interest & deposit it with Govt. on our behalf if our PAN no is available with bank, that TDS will reflect in our 26 AS, we can claim that TDS as credit out of our tax liability.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 459

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