20 January 2012
TDS will be deducted by the Bank. It is 10% of the amount of interest accrued. You have to show income on accrual basis and you can utilise the credit of TDS towards your tax liability or can get refund if lesser tax liability is there.
21 January 2012
Your tax on interest accrued depends up on your totall income. If your total income is less than Rs.5 lakh it will be 10% of the income exceeding Rs. 1.80 lakhs. and
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