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Tax deducted at sourse sec. 194A

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1 Points Posted on 16 September 2019
on 1.10.2018 Mr. harish made a six months fixed deposit of rs.10 lakh @ 9% p.a. with ABC cooperative bank. the fixed deposite matures on 31.03.2019. determine the TDS imlications u/s 194A
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On 16 September 2019 at 17:36 Report
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17264 Points Posted on 16 September 2019
Interest will be for 6 months on 10 lakhs @ 9% p.a. That means interest is 45506/- And TDS under 194A will be 4551/-
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On 16 September 2019 at 18:38
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charted accountant
37 Points Posted on 16 September 2019
I got interest as 45000 and TDS @ 10percent then TDS is 4500
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On 16 September 2019 at 19:10
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17264 Points Posted on 16 September 2019
@ Usha
Interest by Co-operative bank is calculated -
@ quarterly cumulative basis.
That's why interest amount is 45506/- and TDS 4551/-
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On 16 September 2019 at 20:05
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ARTICLES
190 Points Posted on 16 September 2019
For FY 2019-20 if interest amount is more than 40000 then TDS has to be deducted @ 10%.
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On 16 September 2019 at 21:20


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