Tds rate on fd interest in banks for corporates

This query is : Resolved

Prafulla Baburao Lahase (Querist)
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26 December 2012 Our Company deposited 1.30crore in the Bank of Baroda for 30 days they credited interest on our account after deducted 22.66% TDS on interest. We are confused obout TDS rates. Please help

CA Navin Jain

CA Navin Jain (Expert)
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26 December 2012 TDS RATE IS 10% UNDER SECTION 194A, AND NO SURCHARGE AND EDUCATION CESS.

Anand

Anand (Expert)
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26 December 2012 Your case is covered by Section 194A - Interest other than "Interest on Securities". The rate of TDS should be 10% without surcharge and cess.
However, in case the Bank does not have your PAN they will deduct 20% u/s 206AA
So intimate your PAN to the bank and request them to deduct tax at the rate of 10%

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