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194A Savings Bank interest

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AAO
93 Points Posted on 12 August 2021
is TDS on SB int applicable? if so what is the threshold limit...?
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On 12 August 2021 at 10:56 Report
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GST Practitioner & Accounts
15083 Points Posted on 12 August 2021
Savings account bank interest comes under section 80TTA of Income tax act .Up to 10000/- saving bank account interest is exempt age less than 60 years .
section 194A mentioned above is different section. it is for Fixed deposit interest .
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On 12 August 2021 at 11:23
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AAO
93 Points Posted on 12 August 2021
194A is regarding deduction of TDS on interest...?

Whether interest on Savings bank will also suffer TDS after a certain limit...? what is that limit...?
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On 12 August 2021 at 11:48
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GST Practitioner & Accounts
15083 Points Posted on 12 August 2021
Savings bank account interest exemption is up to 10000/- .
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On 12 August 2021 at 11:54
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AAO
93 Points Posted on 12 August 2021
My question is about applicability of deduction of TDS on SB interest and not exemption..
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On 12 August 2021 at 11:56
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CA
136 Points Posted on 12 August 2021

No.Interest paid on savings account by a banking company to a resident individual is not liable for TDS.TDS u/s194A is applicable only on time deposits.

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On 12 August 2021 at 12:00
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GST Practitioner & Accounts
15083 Points Posted on 12 August 2021
Yes, no TDS on saving bank account .
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On 12 August 2021 at 12:05
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Chartered Accountant
5010 Points Posted on 12 August 2021

No TDS is not deducted on Saving Bank Interest, However, if there is any linked FD or Sweep FD then TDS will be deducted on the interest accrued on that sweep FD. 

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On 12 August 2021 at 13:21


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