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.
MANUJ SHARMA AND COMPANY
Noida
CA Inter
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RBSM Corporate Advisors Private Limited
Pune
CA
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Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
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CCI
Pro
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