Tds on bank fixed deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2012 if my interest income from bank fixed deposit morethan 50000.. can i file 15 g or H for non deduction of tds !!! is there any ciruclor that if my intereest income on fixed deposit is more than Rs50000 than tds must be deucted on it irrespective of 15g and h filled !!

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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17 October 2012 Yes you can submit Form 15G/Form 15H.

TDS will be deducted only if the amount exceeds the basic exemption limit of Rs. 2,00,000/-

If you have submitted Form 15G, then TDS will not be deducted if the amount does not exceed Rs. 2 lakhs.

Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2012 i already filled 15 g but system deduted tds and bank inform me that if interest income exceeds rs 50000 than tds must be deducted irrespective of 15g and h