Tds on bank interest above 1 lac

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2012 Sir,
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

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
Follow

22 June 2012 Dear Mr.Kalpesh,

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.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2012 Sir
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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

22 June 2012 After submitting Form 15G/15H, TDS is required to be deducted if the amount of interest exceeds the maximum amount not chargeable to tax, i.e, the amount exceeds the exemption limit.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

RAJENDRA PARAKHI

shanmukha sai

Adv Ashish Vishwakarma

Vijay Singh

P.S.Satya narayana

Subscribe Now

Tds on bank interest above 1 lac

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Senior Executive

Accountant

GST CONSULTANT