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deduction

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(Querist)
04 February 2009 my dad taken STD(short term deposit) for 12lakhs and saving account. both got interest of 191974 for 2008-09 financial year.
plz can anyone tell how much is deducted for tax.
is there any exemption for saving account interest.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
04 February 2009 Yes, tax at source is to be deducted on Term Deposits only.
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Guest (Expert)
04 February 2009 TDS will be deducted @ 10.30% in your account. There is no such exemption from TDS for saving account. If the total income of your dad is below taxable limit then you can file the declaration for non deduction of tax to the bank.
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