Tds on intrest

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 April 2015 sir,
i have saving intrest 9450.00 and fd intrest is 2750.00 so tax on which amount(9450+2750=12200-10000=2200 or 2750)

CA PRIYUL SHAH

CA PRIYUL SHAH (Expert)
Follow

07 April 2015 Your whole Rs.2750 is taxable and Rs.9450 is tax free.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

07 April 2015 TDS Not required to be deducted on saving bank interest. Saving Bank interest is also exempt from tax upto Rs 10000/- u/s 80TTA. So Rs 9450/-to be shown in IFOS and deduction of Rs 9450/- to be claimed u/s 80TTA.

Since FD Interest is below the threshold limit of Rs 10000/- TDS not required to be deducted u/s 194A. Rs 2750/- is taxable under IFOS.

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2015 if saving a/c interest income nil then fd income is taxable. fd income not exempt u/s 80TTA.

CA PRIYUL SHAH

CA PRIYUL SHAH (Expert)
Follow

08 April 2015 No. only saving interest is covered U/s 80TTA.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

08 April 2015 Section 80TTA deduction is available only for Saving Bank Interest and not for Interest on Fixed Deposits.

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2015 why do not deduct tds on interest on fixed deposits by bank.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

09 April 2015 TDS is deducted on interest on Fixed Deposit by bank if threshold limit of Rs 10000/- per year is crossed. In your case since FD Interest is less than Rs 10000/- TDS was not deducted by bank.

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2015 if fd and saving account in same bank. what bank was not cross chek by pan number.

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 Dear sir,
what fd interest income 2750.00 carry forward on maturity date or next financial year income.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now