How to save tds on fd in bank

 

Dear Sir,
 
Could you please guide how much money I can invest in bank under fixed deposit scheme which is not taxable. Please also tell me as I told you I want to invest money which is not taxable then should I have to give my PAN id or not? what if I dont give my PAN ID?
 
Thanks
Albert Desouja
 
Replies (5)

Mr. Albert, if you are asking about Fixed deposit with bank which is deductible u/s 80C, then maximum limit is Rs.1,00,000/-. 

Bank will deduct TDS if the total interest paid in that particular year is more than Rs.10,000/-.

ensure interest which you receive at maturity is not more than above amount.

Regarding PAN, it is compulsory to provide PAN for opening Tax saving deposit. Neverthless, now-a-days for any account, PAN must be provided (if available).

If you do not have PAN, then u give declaration in form 60/61. 

If you have PAN and do not submit, then TDS @ flat 20% will be deducted. However, it will not be credited in your Form 26AS unless you provide your PAN.

 

Originally posted by : CA Raviteja

Mr. Albert, if you are asking about Fixed deposit with bank which is deductible u/s 80C, then maximum limit is Rs.1,00,000/-. 

Bank will deduct TDS if the total interest paid in that particular year is more than Rs.10,000/-.

ensure interest which you receive at maturity is not more than above amount.

Regarding PAN, it is compulsory to provide PAN for opening Tax saving deposit. Neverthless, now-a-days for any account, PAN must be provided (if available).

If you do not have PAN, then u give declaration in form 60/61. 

If you have PAN and do not submit, then TDS @ flat 20% will be deducted. However, it will not be credited in your Form 26AS unless you provide your PAN.

 

Dear Sir,  

Thanks for the reply. Now I will invest money less than 100000 so that bank will not deduct TDS but please guide me what if I give declaration in Form 60 instead of PAN Details while having Pan Card is it crime because still bank ask me for pan card details or form 60 for opening FD account but I dont want to give my pan details.     

Thanks

Albert Desouja

submit 15G or 15H

Originally posted by : CA Prashant Gupta

submit 15G or 15H

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