Tds on fixed deposits.

This query is : Open

IFTEKHAR AHMED (Querist)
Follow

25 April 2013 On maturity of deposit my bank has deducted an amount fro TDS even though i have submitted Form No. 15G.
upon enquiring, the banker is telling that only upto certain interest amount earned on Fixed deposit say Rs.1,00,000/- TDS is not made, but on exceeding such amount, bank deducts tax on the interest amount.
kindly give guidance on this issue as i am aware that If the Payee submits a declaration in Form 15G/ 15H in duplicate stating the following, then TDS need not be deducted:
a)That his total income is less than basic exemption limit of Rs.2 lac.
b)Even if his total income exceeds basic exemption limit of Rs.2 lac but tax payable after deducting rebates u/s 80C is nil.
Thanx

CA Krunal

CA Krunal (Expert)
Follow

25 April 2013 Your understanding is correct.

IFTEKHAR AHMED

IFTEKHAR AHMED (Querist)
Follow

26 April 2013 thank you sir for your valuable guidance.

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

George Innocent

SUBHASH SAHA

Narendra

Krishnaveni karur

KRK

Subscribe Now

Tds on fixed deposits.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

Manager- Finance and Compliance

CA Final

Accountant

GST CONSULTANCY