Interest on multioptional deposit
This query is : Resolved
Kanika Jain
(Querist)
02 July 2013
If we have a multioptional deposit ( Saving account which automatically convert into FD if balance in accounts execeeds certain limit and dissolve the same if balance in bank below certain limit ) , in whole year for sometym it is FDR ad for some tym Saving ..So interest on the same will be considered as INTEREST ON SAVING BANK ACC. OR INTEREST ON FDR. Which TDS provision, Intt on fdr or Interest on saving bank account , is applicable .
CA UMESH DULAL
(Expert)
02 July 2013
you can ask the bank to provide interest certificate of FD and saving account.
Kanika Jain
(Querist)
02 July 2013
They Said TDS cant be deducted on the basis of bifurcation ..TDS provisons of FDR and saving account is differernt. One has to be opted so which one is appropriate ,
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