Fd interest & tds
This query is : Resolved
Nitesh Kumar Sharma
(Querist)
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 :)
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 :)
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
2.on entire amount
3.Fd int
4.taxed as incfrom other sources
5. income from other sources
Message likes :
1 times
Rupesh Jain
(Expert)
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.
SAVING INTT AND FDR INTT WILL TAXABLE UNDER INCOME FROM OTHER SOURCES.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
