under what section of the income tax act1961 are Bank's fixed deposits taxed and whether banks have any power to deduct more than 10% of intt payable when PAN no of depositer is available and what to do when tax more than the prescribed rate of 10% has been deducted while renewing the FDR's
Ramesh Kumar Vinayak
under sec 194A, Banks deduct TDS at 10% on your FD interest if they pay more than 10,000 interest per annum.
They will deduct 20% of Interest as TDS if you didn't provide PAN
CAclubindia
