Tds deducted by bank

This query is : Resolved

Saurabh (Querist)
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10 September 2014 I have some FD & RD maintained in HDFC bank. Bank has deducted TDS of Rs. 15000 in F.Y. 2013-14. Is this TDS deducted on interest from RD also or just on interest on FD?. Also do banks deduct TDS on interest on saving bank account?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 September 2014 TDS applicable on FD and RD Interest u/s 194A.

TDS deduction is not attracted on Savings Bank Account Interest.

Please Refer:

Circular No 617 Dated: 22/11/1991.

Sec 194A not applicable on Savings Bank Interest.

Please refer below link--

https://www.incometaxindiapr.gov.in/incometaxindiacr/contents/CBDTFiles/Circulars/CBDTLaws/HTMLFiles/sec194a_617_91.htm

See 4 (d)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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