Is Tds only deducted on fixed deposit interest but not on savings bank account interest.
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Quick Summary
This discussion clarifies that TDS is generally not deducted on interest earned from a savings bank account. Unlike Fixed Deposits, where TDS is applied if interest exceeds certain thresholds (₹40,000 or ₹50,000 for senior citizens), savings account interest typically doesn't attract TDS. However, individuals must still declare any savings account interest exceeding ₹10,000 annually in their tax returns.
Bank nener made tds from the interest of our sb account. But the taxpayer must include the interest of SB account which exceeded Rs. 10000 annually in his return.