Tds on bank fds
This query is : Resolved
19 April 2015
I am aware of the following Rules for Deduction of TDS on interest paid / accrued :
As per present income tax guidelines, banks are required to deduct tax at source (TDS) on deposits if the total interest earned on all your fixed deposits in a bank (at all branches of the bank) is more than Rs.10,000 in a financial year. (as per these guidelines even if a fixed deposit is in the name of a minor TDS is deducted).
However, the depositors can claim the credit for such TDS in their income tax returns.
My query is this: When will the Bank will deduct & pay TDS to the Govt? Will it be at the time of maturity of FD? If yes, do I have to pay advance tax on FDs in banks ? Please help.
I am aware of the following Rules for Deduction of TDS on interest paid / accrued :
As per present income tax guidelines, banks are required to deduct tax at source (TDS) on deposits if the total interest earned on all your fixed deposits in a bank (at all branches of the bank) is more than Rs.10,000 in a financial year. (as per these guidelines even if a fixed deposit is in the name of a minor TDS is deducted).
However, the depositors can claim the credit for such TDS in their income tax returns.
My query is this: When will the Bank will deduct & pay TDS to the Govt? Will it be at the time of maturity of FD? If yes, do I have to pay advance tax on FDs in banks ? Please help.
19 April 2015
There are a number of incidences in which most of the banks, (exception : Private Banks like HDFC, ICICI, Axis etc) have not followed the TDS rules properly.
.
As per the provisions of the Act, banks are required to deduct TDS at the time of credit of the interest (as the same is earlier than the maturity payment date.)
.
It's upon you whether to pay advance tax or not looking to the irregularities in TDS by banks.However, at that time you may confirm with your bank for the TDS amount.
.
.
As per the provisions of the Act, banks are required to deduct TDS at the time of credit of the interest (as the same is earlier than the maturity payment date.)
.
It's upon you whether to pay advance tax or not looking to the irregularities in TDS by banks.However, at that time you may confirm with your bank for the TDS amount.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Management System (IMS)
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Gift Received from nonblood relative
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
