Tds deduction on flexible fixed deposits
This query is : Resolved
01 July 2012
Hello,
I have enabled the auto-sweep facility in my bank account to enable flexible fixed deposits yesterday.
I know the bank will be deducting TDS if the interest earned in the upcoming financial year exceeds Rs. 10000/- .
The account used to be a salary account earlier but not any more as I switch my salary links to anther bank (forced by employer).
I see the old account no longer has my PAN number linking too.
So,
1. How will they deduct TDS if there is no PAN number linking?
2. Even if they deduct TDS, how can they issue a Form 16 on that if there is no PAN mapping.
3. The bank didn't ask me any PAN number again even though i verified there is no PAN linking now.
4. Only some of the banks have made PAN mandatory. Is this a loop hole in banks
that allows people to deposit black money in flexible fixed deposits?
I have enabled the auto-sweep facility in my bank account to enable flexible fixed deposits yesterday.
I know the bank will be deducting TDS if the interest earned in the upcoming financial year exceeds Rs. 10000/- .
The account used to be a salary account earlier but not any more as I switch my salary links to anther bank (forced by employer).
I see the old account no longer has my PAN number linking too.
So,
1. How will they deduct TDS if there is no PAN number linking?
2. Even if they deduct TDS, how can they issue a Form 16 on that if there is no PAN mapping.
3. The bank didn't ask me any PAN number again even though i verified there is no PAN linking now.
4. Only some of the banks have made PAN mandatory. Is this a loop hole in banks
that allows people to deposit black money in flexible fixed deposits?
01 July 2012
In case the Bank is not having PAN , it will deduct TDS @ 20%.
.
If you want to get TDS be deducted, provide your PAN.
.
.
If you want to get TDS be deducted, provide your PAN.
.
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