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Query: When Bank deduct TDS

Category: Investments

Answer: Bank deducts TDS if following conditions are met:- (w.e.f 01/04/2019) 1. We should have interest on fixed deposit, 2. interest on saving bank is not subject to TDS. 3. Interest on FD should be more than 40000. (In case of senior citizen this limit is 50000) 4. This limit of FD interest of 40000 is in a financial year (Apr-Mar) 5. This limit of FD interest of 40000 is bank wise not branch wise, Means in case of non-senior citizen we should have more than 40000 FD interest in a bank including all branches in a financial year. Then bank will deduct TDS on FD interest @10% Also bank will deduct TDS on entire amount when it exceeds 40000 for example, if we have FD interest of 35000 in a year in a bank, bank will not deduct any TDS. But if we have interest of 55000 in a year in a bank , the bank will deduct TDS on FD interest of entire 55000 @10% i.e. 5500.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 481



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