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Savings account - term deposit - tax provisions

TDS 252 views 3 replies

Venkatesha Munivenkatachari

CEO

39 Points Joined August 2014

Hi,

This is Venkatesha here from Bangalore. I have several doubts about Term Deposits. I hope someone will be able to answer me here.

Will there be any TDS deduction (after providing PAN NUMBER also) from my savings account?
Will there be any TDS deducation for minor savings account?
Is There is limitation for deposit money in my kids account for future (Term Deposits)?

Thank in advance.

Warm Regards,

Venkatesha

Replies (3)

Jayesh Vyankatrao Pawar

Accounting & Taxation

51 Points Joined March 2012

HI,

Generarly, Bank deduct tds on interest,if interest amount is more than Rs10000/- for financial year but if you declare lower income in 15G or 15H than Tax slab then bank does not deduct tds on interest.

There is no limit for deposit in minor kind account but interest income of minor is club to your income and tds deducted also claim by you.

With Thanks & Regard