Banks are not required to deduct tax at source (TDS) on interests paid on FDs of senior citizens if the amount does not exceed Rs. 50,000/- in a year.
If interest in a year is more than this threshold, then on what amt TDS should be levied by bank?
On the entire amt of interest paid/accrued, or on the amt beyond the threshold?
On entire anount, without any deduction.
Aggarwal Sarawagi and Co
New Delhi
CA
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YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
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