Tds on bank interest above 1 lac
Querist : Anonymous
Some where i was aware there is a circular on TDS that if the interest on deposit is exceed then above 1.00 lac for the financial year, Bank Have to compulsory deducted the TDS.
IF any update provide pl on this.
Thanks
Kalpesh mehta
It is compusory to deduct the TDS u/s 194A @10% if the amount of interest from one branch of the bank exceeds Rs. 10,000.
However, there is exemption for interest on saving Account.
There is no Circular for the amount of Rs. 1 lakh.
Querist : Anonymous
Thanks for revert, I was in mind that even after submiting 15G /15H Bank have to deducted TDS if the Interest amount exceed Rs 1.00 Lac
Thanks
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