TDS on interest earned in savings bank a/c or FD a/c

This query is : Resolved

Sanjay Dhaduti (Querist)
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14 March 2009 What is the amount of interest earned in savings A/c or Fixed Deposit A/c in execess of which TDS is deducted.

CA. MITHUN KHATRY

CA. MITHUN KHATRY (Expert)
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14 March 2009 Rs. 5000

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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14 March 2009 in case of banking company or co-operative society engaged in banking business and interest is paid on time deposit or post office where interest is paid on specific notified deposits than TDS is deductible when the aggregate amount of interest credit in a year exceeds rs.10000

and where the payer is any other person than amount is rs. 5000.

refer section 194A

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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14 March 2009 Devanshi is right.

C A GROUP COACHING

C A GROUP COACHING (Expert)
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15 March 2009 I HAVE MY OWN DOUBT IF TDS IS DEDUCTED ON INTEREST CREDITED ON SAVING BANK ACCOUNT. FRIENDS PLS UPDATE ME ON THIS. ELSE THE VIEW GIVEN BY MS DEVANSHI IS RIGHT

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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15 March 2009 No Ambani Ji, TDS is not deducted on Savings interest.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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15 March 2009 savings interest is not covered.

C A GROUP COACHING

C A GROUP COACHING (Expert)
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16 March 2009 THNX TARUNJI & DEVANSHI, LOOKING AT THE QUESTION MENTIONING S/B A/C & REPLY GIVEN BY MITHUN WHICH WAS , I WAS FORCED TO RE ASSURE MY SELF.

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