Tds on intrest

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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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)
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08 April 2015 No. only saving interest is covered U/s 80TTA.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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)
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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.