Tds on interest on term deposits

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venkatesh (Querist)
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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?

@VaibhavJ

@VaibhavJ (Expert)
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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

@VaibhavJ

@VaibhavJ (Expert)
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21 December 2013 For detailed understanding refer: www.charteredclub.com/tds-on-fixed-deposits/

Thanks//VaibhavJ

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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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