Additional tax on fd interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2016
Hi
I have income from salary and interest on Bank FD.
a) My income chargeable under salaries is Rs.8 lakh (as per form 16) - TDS deducted properly and remitted by the employer.
b) I have FD interest of Rs.1 lakh and Bank deducted TDS @10%-Rs.10,000 as per TRACES.
c)My query is: As I fall in 20% tax bracket and Bank has deducted only 10% on FD interest, should I pay additional 10% on my FD interest?
Thanks n regards
I have income from salary and interest on Bank FD.
a) My income chargeable under salaries is Rs.8 lakh (as per form 16) - TDS deducted properly and remitted by the employer.
b) I have FD interest of Rs.1 lakh and Bank deducted TDS @10%-Rs.10,000 as per TRACES.
c)My query is: As I fall in 20% tax bracket and Bank has deducted only 10% on FD interest, should I pay additional 10% on my FD interest?
Thanks n regards
22 July 2016
Yes, you are liable to pay the differential tax.
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