Tds on fixed deposit interest
This query is : Open
Manoj Prasad
(Querist)
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
CA Mohit Kumar
(Expert)
25 May 2017
yes , it is applicable on year wise , approach to bank for correct the same or file your return claiming refund
CA Rashmi Gandhi
(Expert)
25 May 2017
No bank can't deduct TDS until interest in 1 year exceeds Rs.10000/-
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