Tds on bank fd interest income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2014
Bank has reviewed FD interest on 30.06.2014. Accrued and paid interest on my FDs is less than Rs.10000 as on 30.06.2014. But the Bank has taken the projected interest (payable upto 31.03.2015 and as this projected interest is more than Rs.10000 they have deducted TDS in their review on 30.06.2014. Whether the Bank is correct in taking Projected interest and deducting Tax (TDS)?
09 December 2014
Yes. The bank is correct. Since from the investment in FD it is clear than interest per annum will cross the threshold limit of Rs 10000/- the bank is correct in deducting TDS.
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