Tds on interest on saving bank deposit
This query is : Resolved
12 April 2013
Suppose a person receives Rs. 12000/- as interest on Saving Bank deposit held with a commercial bank.Is Bank required to deduct tax at source on such interest u/s 194A? If bank is not required then kindly refer the Section of the Income Tax Act?
12 April 2013
Bank require to deduct TDS if interest exceeds rs10000/- in SB deposit also.
12 April 2013
TDS deduction is not applicable on saving bank interest. Circular 617 dt. 22/11/1991 clarifies this.
12 April 2013
Yes, deduction of TDS on savings bank account doesn't apply.
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