sajay kumar (IPCC STUDENT) (162 Points)
03 February 2011friends.
for companies interest from bank in excess of 10,000 is chargeble at 10% (tds) per annum, but how will he know that we will maintain our balance till the end of year. we may withdraw some of balane & amount of interest will mayless than 10000. so how will he deduct
Pankaj Arora
(Learner)
(3134 Points)
Replied 03 February 2011
Dear You’re account is going on and you did not close your account. Bank will deduct tds only when interest will be more than 10,000/- . bank calculates interest on daily basis rules now so it does not matter that you withdraw balance & amount of interest.
CAclubindia
