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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- EPF FULL & FINAL RULES IN 2026
- GST rate and HSN code for sale of racing horses
- Rental income gst and it purpose
- Eway bill generation from place other than registeted
- TDS Return Q1 FY 2026-27
- DIN reactivation
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
