Dear all,
Stucked in small cofusion. Suppose Mr.X pays Rs. 15000 interest to bank. As per sec.194A, TDS @ 10% will be deducted if interest amount exceeds Rs.10000. So on what amount TDS is to be deducted here. Rs.5000 (15000-10000) or Rs.15000. Kindly help.
Thanks in advance.
Regards,
Siddharth.
it shud be on thw whole amount and not on the amount excluding the threshold.
Hi siddarth, TDS will be Deducted on whole amount. i am agreed with giridhar ji.
yeah its on whole amount,
but As per section 194A,Interest paid to bank not liable for tds deduction
| Originally posted by : deepak rathore | ||
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yeah its on whole amount, but As per section 194A,Interest paid to bank not liable for tds deduction |
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Bank is not included. Can't deduct TDS while paying interest.
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