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Matter of fd

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Guest

Guest (Querist)

03 April 2012 gud morning to all experts,
in previous financial year (2011-2012). if interest of fd more than 10000 than bank will deduct tds @ 10%.now plz tell me today i read in newspaper. that if interest of fd more than 10000 than u can take deduction on income tax return . plz clear this

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 April 2012 Please read carefully. The amendment brought in by the Budget provides that deduction will be allowed for SAVINGS BANK INTEREST upto Rs. 10,000/-.

The amendment is applicable to INTEREST ON SAVING ACCOUNT and NOT interest on FD.

Prithviraj V Mehta

Prithviraj V Mehta (Expert)
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03 April 2012 deduction for 10000- savings bank interest only deduction will be allowed for FY 12-13 Y.E. 31.3.2013 AND NOT FOR FY 11-12, BUT FD INTEREST WILL BE ADDED IN YOU TOTAL INCOME AND NO DEDUCTION CAN BE CLAIMED.

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