I have one tax saver FD with icici bank and one with SBI. As of now, I've been assuming that the interest I get every year gets invested again and I have to pay taxes only when the FD matures on the total interest earned. But I recently saw the TDS certificate for the previous quarter issued by icici bank and they have deducted TDS ( @ 10%) on the interest earned during that quarter. As per my annual income, I fall under a higher tax slab. What should I do now? Should I calculate the remaining amount of tax I need to pay on the interest earned? if yes, how do I pay the remaining interest to the interest I earned in the previous years on the same FD. Can't I pay all the remaining tax at the end when the FD matures?
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Tax deduction on tax saving fd
Replies (2)
You are liable to pay tax on the interest earned/accrued during particular financial year. (TDS statement figures out accrued interest)
Thanks sir for your reply.
My question is that, I did not pay the remainder tax in the previous years (2014-16) on this FD. What would be the correct way to pay that now?
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