Tax of interest income of recurring deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2013
It is learnt that there is no TDS on interest income of Recurring deposit, however at the time of maturity the tax is payable. Now the question is whether the bank will deduct the tax at maturity or we have to pay it at our own. In case it is to be paid at our own. Whether we can add interest accrued of each year to our income and pay tax and in the year of maturity, pay tax only for the interest accrued for that year i.e. for the last year. Please advise suitably.
02 August 2013
on maturity if the int is more then 10,000 then Bank will deduct tds and will remit it to it cg and bank will also issue you form 16A which is tds certificate mentioning all the details of deduction.
You dont need to pay tds sep.
You dont need to pay tds sep.
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