Tds - int. inc. recd. from savings bank a/c
This query is : Resolved
Vineeth Alex
(Querist)
17 October 2011
Suppose an assessee has a savings bank balance as on 28th February Rs. 5,00,000. The bank paid the assessee interest for the period 1st sept to 28th feb Rs. 35,000. Whether tax is to be deducted on this interest income received?
17 October 2011
NO OBLIGATION ON BANK TO DEDUCT TAX ON SAVING A/C INTEREST...TDS IS DEDUCTED ONLY ON FD INTEREST IF INTERESR PAID MORE THAN 10000
17 October 2011
Vineeth, TDS is applicable even on SB A/C interest. But if the bank has not deducted the same, your assessee is not at all in any kind of fault.
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