07 February 2014
Sir I received rs.220000/- from LIC and invest in Bank 1 year Fd with dena bank..After 1 year maturaity amount 245000/-. bank ask to provide 15G form for non deduction of TDS on interst..i have no PAN card..if PAN card is mandatory to issue 15G form..? otherwise 20 tds deducted.what effect on tax..
Bank Interest above 10000.00 is liable for TDS deduction. If you have a valid PAN and your total income below minimum exemption limit then you can submit declaration form 15G/H, otherwise TDS will be deduct @20%.
CAclubindia
