TDS deducted at source
This query is : Resolved
MANOJ KUMAR SINHA
(Querist)
11 June 2010
The interest earned this year in a particular Bank Account of my father, who is a retired Government employee, is Rs 11200/=.
Kindly let me know what should be the exact TDS in the present context.
Kindly let me know what should be the exact TDS in the present context.
12 June 2010
TDS AMOUNT RS.1120/- (@10% ON 11200/-)
Message likes :
1 times
12 June 2010
ALSO REMEMBER:
Form 15H
In routine process Bank will deduct tax at source on fixed deposit interest, if it is above Rs. 10000. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). So to get the income tax refund, you have to file the income tax return. To avoid this process, you have to declare that you have not any taxable income. The main and only purpose of these forms, is to submit declaration in writing in duplicate that there is not tax payable on his total income. In this case the payer shall not deduct any tax at source.
* Form 15H must be used above 65 years old individual.
* Previous year income should not be taxable.
* Form 15H should be submitted before the first payment of interest on fixed deposit.
Form 15H
In routine process Bank will deduct tax at source on fixed deposit interest, if it is above Rs. 10000. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). So to get the income tax refund, you have to file the income tax return. To avoid this process, you have to declare that you have not any taxable income. The main and only purpose of these forms, is to submit declaration in writing in duplicate that there is not tax payable on his total income. In this case the payer shall not deduct any tax at source.
* Form 15H must be used above 65 years old individual.
* Previous year income should not be taxable.
* Form 15H should be submitted before the first payment of interest on fixed deposit.
Message likes :
1 times
Pankaj Jhawar
(Expert)
12 June 2010
1120
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
