Can TDS be Deducted ?
This query is : Resolved
Baljeet Singh
(Querist)
29 July 2010
If the interest on the amount deposited in a savings accounts exceeds more than say 50000/- or even more then tds on interest by banks can be deducted or not ?
if tds is applicable then under which section ?
if tds is applicable then under which section ?
Rakesh Khanna
(Expert)
29 July 2010
Generally banks are not deducting TDS on interest on savings accounts.
29 July 2010
No TDS on interest from bank on savings Bank a/c - circular no 617 dated 22.11.1991.
this is applicable only for residents. for non residents banks do deduct TDS on NRO a/c
this is applicable only for residents. for non residents banks do deduct TDS on NRO a/c
29 July 2010
Agree.. Banks don't deduct TDS in savings bank account. You have to add this income in your ITR .
29 July 2010
AGREED WITH EXPERTS.
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