Tds deduction by banks
This query is : Resolved
04 August 2012
tds on interest on bank fd accounts in a particular bank is deducted on accrual basis or on due date / payment basis?
CA CS Amit S. Kedia
(Expert)
04 August 2012
It is deducted on accrual basis and not on due basis.
As FD may be for more than 1 year in that case and interest is due for payment at the time of maturity only but TDS is deducted every year/month/qtr etc depending on how it is compounded.
As FD may be for more than 1 year in that case and interest is due for payment at the time of maturity only but TDS is deducted every year/month/qtr etc depending on how it is compounded.
CA BHARATH KUMAR
(Expert)
05 August 2012
it is deduct accrual basis only
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