5 year tax saving fixed deposits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2013
My friend earned salary of Rs.269000/-
in fy 2012-13. He made a 5 yrs' Tax Saving FD of Rs.65000/- (Maturity amt.Rs.101000/- appx. maturity in Dec.2017).
Around Rs.35000/- is interest which will be earned on 5 yr. FD.
1. Whether bank will deduct TDS on interest at the time of maturity .
2. Whether giving 15G Form to bank in 2017 will help in avoiding TDS deduction.
3. If bank deducted any TDS in 2017 can i claim refund of same .
in fy 2012-13. He made a 5 yrs' Tax Saving FD of Rs.65000/- (Maturity amt.Rs.101000/- appx. maturity in Dec.2017).
Around Rs.35000/- is interest which will be earned on 5 yr. FD.
1. Whether bank will deduct TDS on interest at the time of maturity .
2. Whether giving 15G Form to bank in 2017 will help in avoiding TDS deduction.
3. If bank deducted any TDS in 2017 can i claim refund of same .
Amol S Joglekar
(Expert)
09 January 2013
01. Bank will deduct TDS subject to the limit specified in the section.
02. You can give 15H form if your income is below taxable.
03. If bank deducts the whole amount of "TDS" in 2017, you can claim the same in the then assessment year.
02. You can give 15H form if your income is below taxable.
03. If bank deducts the whole amount of "TDS" in 2017, you can claim the same in the then assessment year.
CA Prashant Gupta
(Expert)
09 January 2013
completely agree with Mr. Amol
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