Tds deducted on interest
This query is : Resolved
12 November 2011
I have made a FD of Rs 34000 3 years ago and maturity value was Rs 44192 at the end of 3 years....TDS has been deducted around Rs 1115 on Maturity Vale...
I wants 2 kno.....whether they are correct for deducting TDS on Interest on FD....as i things they are incorrect bcoz as per I.T. Rules u/s 192A " Any bank who make a payment of interest other than securites exceeding Rs 10000 than TDS @ 10% is to deducted. Also, i hve not deposited a PAN Card in the bank than in such case bank can deduct 20% ...
Please help me out regarding this matter
I wants 2 kno.....whether they are correct for deducting TDS on Interest on FD....as i things they are incorrect bcoz as per I.T. Rules u/s 192A " Any bank who make a payment of interest other than securites exceeding Rs 10000 than TDS @ 10% is to deducted. Also, i hve not deposited a PAN Card in the bank than in such case bank can deduct 20% ...
Please help me out regarding this matter
CA Ayush Agarwal
(Expert)
12 November 2011
firstly, they must issued u tds certificate form 16a.
in that without ur pan.....how they issue.
and applicable rate of tds @10% only no ed/sc.
so on 10192 only 1020 need to be deducted if pan provided not 1115.
so from both respect incorrect deduction of tds.
in that without ur pan.....how they issue.
and applicable rate of tds @10% only no ed/sc.
so on 10192 only 1020 need to be deducted if pan provided not 1115.
so from both respect incorrect deduction of tds.
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