Fd at multiple banks
This query is : Resolved
Nitesh Kumar Sharma
(Querist)
18 December 2014
Dear Experts,
Please Comment:
Can Income Tax department Track Fixed Deposits made at multiple banks' different branches under single PAN? (To avoid TDS)
Thanks
Please Comment:
Can Income Tax department Track Fixed Deposits made at multiple banks' different branches under single PAN? (To avoid TDS)
Thanks
CMA Ramesh Krishnan
(Expert)
19 December 2014
Yes. Every bank has to submit the annual return to Govt. Income tax easily track your Income in various banks under single PAN
CA Kumar Mukesh
(Expert)
20 December 2014
The each individual bank or its branch not required to deduct TDS if maximum amount not exceed Rs. 10,000 under section 194A.
But he require to pay Income tax on all interest income at the time filling of Return of Income, there is no way to escape tax liability on bank interest
But he require to pay Income tax on all interest income at the time filling of Return of Income, there is no way to escape tax liability on bank interest
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