24 May 2017
If some one make a fixed deposit in a Bank of Rs.45000/- for 5(five) years and the maturity value after five years is Rs.62050/-, now interest earned in 5 years is Rs.17050/-, now I want to know, can Bank deducted TDS on this interest amount.
As per my knowledge TDS deduction is applicable if interest amount is greater than Rs.10000/-in a year.. but in above case interest of Rs.17050/- is earned in 5(five) years.
CAclubindia
