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Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2012 I working with local co op bank. One deposit er file form No 15 G. Apporex We pay in Inter amount near about 345000. TDS is exmanted or deducted.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

08 October 2012 If the interest paid amount exceeds the basic exemption limit by the payer then Should be deduct TDS according to the section 194A. Submission of form 15G/H is invalid. So you are saying interest paid is Rs.345000 i.e exceeded the basic exemption limit of Rs.200000 for A.y.2013-14(assume depositor is non-senior citizen and individual assessee). So you should be deduct TDS @10% if Pan no provided otherwise 20%.

One more thing before going to deduct TDS please check and confirm is entire amount of interest Rs.345000 is accrued for the year 2012-13. Otherwise how much amount of interest accrued for this year and if such amount exceeded the basic exemption limit then only deduct TDS.

OM SAI SRI SAI JAI JAI SAI

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