Tds on fixed deposit interest
This query is : Open
24 May 2017
If some one make a fixed deposit in a Bank of Rs.45000/- for 5(five) years and the maturity value after five years is Rs.62050/-, now interest earned in 5 years is Rs.17050/-, now I want to know, can Bank deducted TDS on this interest amount.
As per my knowledge TDS deduction is applicable if interest amount is greater than Rs.10000/-in a year.. but in above case interest of Rs.17050/- is earned in 5(five) years.
Please advise.
Regards
Manoj
As per my knowledge TDS deduction is applicable if interest amount is greater than Rs.10000/-in a year.. but in above case interest of Rs.17050/- is earned in 5(five) years.
Please advise.
Regards
Manoj
25 May 2017
yes , it is applicable on year wise , approach to bank for correct the same or file your return claiming refund
25 May 2017
No bank can't deduct TDS until interest in 1 year exceeds Rs.10000/-
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fy 22-23 --> tyed more in gst 3b vs 2b, any interest?
- CSR activities ITC
- Refund of accumulated ITC - Reg.
- Charity work ISD
- RELATED TO ITR OF POLITICAL PARTY
- TCS ON SCRAP SALE..
- Goodwill treatment
- Property transferred from cousin through Gift
- Eway bill INWARD SUPPLY
- How to file form ITR-B Detailes manner as per rule 12AE income tax rules,1962
- TDS ON SALE OF JOINTLY HELD PROPERTY
- Amendment in fast track GST registration
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
