Tds on interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2013 Dear Sir,
Suppose annual interest on FD is Rs. 15000/-.
In the above case bank will deduct tds on the whole interest amount of 15000/-
or
Bank will deduct only on Rs. 5000/-.

Please clarify.

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
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22 May 2013 On Rs. 15000

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 May 2013 The limit of Rs 10000/- is threshold limit and not exemption limit. It means TDS to be deducted only when threshold limit is crossed. Once threshold limit is crossed TDS to be deducted on total amount. In this case on Rs 15000/-

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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12 July 2013 Yes I agree with the expert Sanjay Gupta the bank will deduct on 100% interest and not on part.

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