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tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 December 2010 why tds is not deducted on interest on savings and current account ??
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CA Dhiraj Ramchandani

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CA Dhiraj Ramchandani (Expert)
04 December 2010 Hii..., i think TDS is deducted on such interest, if such interest amount exceeds 10,000.... Just confirm if the amount is 5,000 now.... Coz, i remember, there was some change in 2007.... So either its 10000 or 5000.., if amount exceeds such limit, TDS is deductible....
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
05 December 2010 interest on Saving bank and current account will cover under the head income other than security.

If the interest amount exceeds Rs 10,000/- then TDS will be attracted on your interest.
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Balakrishnan

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Balakrishnan (Expert)
06 December 2010 U/s 194A, TDS is deductible only in case of time deposits. SB a/c is not term deposit, hence TDS is not applicable. By the way i am interested to know which bank is paying int on current accounts
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