Tds on interest on term deposits
This query is : Resolved
21 December 2013
One of the leading Bank has deducted Tax at source on the term deposits, even after submitting form 15G.
The reason given by the branch manager is that, if INTEREST exceeds Rs 1,50,000/- during any financial year,TDS will be deducted ,inspite of submission of form 15G.
Is the branch manager correct?
What is the basis?
The reason given by the branch manager is that, if INTEREST exceeds Rs 1,50,000/- during any financial year,TDS will be deducted ,inspite of submission of form 15G.
Is the branch manager correct?
What is the basis?
21 December 2013
Hi
Bank Manager is wrong in this Act.
Form 15G is for NIL deduction of TDS whatever be the amount of Interest paid.
Thanks//VaibhavJ
Bank Manager is wrong in this Act.
Form 15G is for NIL deduction of TDS whatever be the amount of Interest paid.
Thanks//VaibhavJ
21 December 2013
For detailed understanding refer: www.charteredclub.com/tds-on-fixed-deposits/
Thanks//VaibhavJ
Thanks//VaibhavJ
21 December 2013
Agreed when form 15G has been submitted then tds cannot be deducted, you need to ask him to reverse it.
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