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TDS ON BANK DEPOSITS

This query is : Resolved 
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(Querist)
06 July 2008 PLEASE CLARIFY THE FOLLOWING

IS THERE ANY UPPER CIELING BEYOND WHICH TDS HAS TO BE DEDUCTED ON INTEREST EARNED ON DEPOSITS?

I.E., TO BE MORE SPECIFIC, IF A PERSON SUBMITS EITHER 15H OR 15G AND HIS INCOME FROM INTEREST IS BEYOND TAXABLE LIMIT, EVENTHOUGH HE HAS SUBMITTED 15H OR 15G, WHETHER THE BANK HAS TO DEDUCT TDS OR NOT? PLEASE CLARIFY ME ABOUT THIS.

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Pranesh

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Pranesh (Expert)
07 July 2008 1.yes there is an upper ceiling of Rs.5000 in general and Rs.10000 for specific persons such as Banks.
2.If a person submits submit 15G or 15H then bank need not deduct TDS even if his/her income exceeds taxable limit.prima facie 15G or 15H is a declaration made by individual for which bank cannot be made liable.
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