Fd interest & tds
This query is : Resolved
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
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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.
SAVING INTT AND FDR INTT WILL TAXABLE UNDER INCOME FROM OTHER SOURCES.
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