Fd interest & tds

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Nitesh Kumar Sharma (Querist)
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18 December 2014 DEAR ALL Experts,
PLEASE COMMENT.

Point (A): Bank is required to deduct TDS if interest in one f.y. exceeds 10000/-.
Question 1: Interest means saving account /Fixed Deposit account/both ?
Question 2: TDS will be calculated on interest amount above 10000/- only or on entire interest amount?

Point (B): As per Income Tax Act, Individual is allowed tax free interest upto 10000/- in one f.y.:
Q1: Interest means saving/FD/both ?
Q2: Taxability of Saving A/c Interest
Q3: Taxability of FD Interest

Please try to support answer with sections, if possible.
Thanks :)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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18 December 2014 1.not on savings accounts interest
2.on entire amount
3.Fd int
4.taxed as incfrom other sources
5. income from other sources

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Rupesh Jain

Rupesh Jain (Expert)
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18 December 2014 TDS APPLOICABL ON FDR INTT. NOTON SAVING A/C U/S 194A. TDS WILL DEDCUT ON ENTIRE AMOUNT
SAVING INTT AND FDR INTT WILL TAXABLE UNDER INCOME FROM OTHER SOURCES.

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