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Query: Why to furnish PAN no for Bank FD

Category: Investments

Answer: For FD in bank, if we furnish PAN No., bank will deduct TDS @10% , if the Interest on FD is more then 40000 (for senior citizens 50000) in a year in a bank. And will deduct TDS @20% if bank do not have your PAN information. So the benefit of submitting PAN no. in bank FD are following: 1. TDS would be deducted at lower rate of 10% instead of 20%. 2. TDS would be credited to your PAN and will reflect in your 26 AS, which can be set off against our total tax liability while filing final income tax return at year end. 3. In case PAN no is not submitted to bank, bank will deduct 20% & deposit it to Govt without credit to you because credit goes to PAN no. only. In that case you lose the entire 20% of your FD interest.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 473

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