Tds on interest from tax free fixed deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 July 2014
DEAR ALL
KINDLY SUGGEST WHETHER ANY TDS IS LIABLE ON INTEREST RECEIVED ON TAX FREE FIXED DEPOSIT WITH BANK, EVEN IF THE INTEREST AMOUNT IS RS. 10,000/- OR MORE.
KINDLY SUGGEST WHETHER ANY TDS IS LIABLE ON INTEREST RECEIVED ON TAX FREE FIXED DEPOSIT WITH BANK, EVEN IF THE INTEREST AMOUNT IS RS. 10,000/- OR MORE.
23 July 2014
no tds if its below 10,000 but such income needs to be offered under income from other sources.
Nikhil Kaushik
(Expert)
26 July 2014
please note that there are no tax free deposits with banks. the interest on FD on which you get 80C exemption are not tax exempted.
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