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.
Please advise.
Regards
Manoj
Sir i am Aircel (Sim & recharge card) distributor. my total turnover for the FY 2016-2017 is approx 1.5 caror. My query is Audit is compulsory for me or not? please suggest
Thanks
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