Tds on fd - senior citizen

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Pranay (Querist)
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13 February 2014 IF a senior citizen lady having FD of 70lac in bank, maturity tenure is one year, and auto renew every year.

She submitted Form 15H, but according to bank she has to pay TDS due to exceeding interest.

As per my knowledge, interest upto 250000 is tax free and most of her FD's are invested in september-oct (mid of year)so that interest be divided in two financial years.

How to save tax?

Please guide.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 in this case tds will be applicable if it exceeds 2,50,000 if her ager is bet 60-80 at any time during 2013-14.

can invest u/s 80C the int rec or any other section u/s 80 as applicable.

Pranay

Pranay (Querist)
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13 February 2014 TDS be on total interest get or the interest amount after 250000 ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 once it exceeds rs 250,000 then on total int tds will be deducted.

Pranay

Pranay (Querist)
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13 February 2014 If we can break the FD's and do the FD's of 20 lac each in different banks, then the interest amount not exceeds in a single FD.
But PAN card, DO THEY SEARCH WITH PAN or only check the interest in a single FD, we give them the form 15H.

And if in current year we file the return for interest than next year shoul we present form 15H, or we have to every year file return?

Sh is an housewife, and earn this amount by long years of postal and bank inetrest.

Kindly guide.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 in this case she must not invest all the amounts in fd only as full int will be taxed...only after making cal int upto 250,000 she must invest fd and then invest in sec 80C various options are there like PPF, 5 years fd etc...suitable tax planning is to be done for that u must consult a CA which wll help in saving tax.

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