Fixed deposit interest
This query is : Resolved
khyati shah
(Querist)
08 December 2015
When my annual interest earning from fixed deposit is less than Rs. 10000 than on such interest can bank deduct tds?
I have only one fd and no other fd in any bank of same branch.
Request to please reply soon.
CA CS Jainam Shah
(Expert)
08 December 2015
No bank cannot deduct TDS on interest payable less than Rs. 10,000/- for F.Y.
khyati shah
(Querist)
08 December 2015
The annual interest on my fd is rs.9500
Still my banker has deducted tds.
What is the solution that I may avail.
08 December 2015
They should not deduct TDS unless Rs 10000/- threshold limit is crossed. Please check whether you have some interest from auto sweep (if you have that facility). Interest earned through auto sweep is also FD interest.
If there is only Rs 9500/- and still TDS has been deducted write a complain letter to the bank quoting provision of section 194A which clearly mentions a threshold limit of Rs 10000/-.
If there is only Rs 9500/- and still TDS has been deducted write a complain letter to the bank quoting provision of section 194A which clearly mentions a threshold limit of Rs 10000/-.
khyati shah
(Querist)
09 December 2015
Thankyou so much for the reply....
khyati shah
(Querist)
09 December 2015
Thankyou to both the experts for ur kind reply to my query
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