Sir,
I am having an account with a leading public sector bank. I have multiple FD's and RD's with total interest in FY 2017-18 crossing Rs. 15000. However the bank's system is showing an entry of "Interest Credit" and then "Tax Deduction" on 31st March 2018, but in reality no TDS is deducted by the bank on FD maturing in April 2018 and full principal and interest is paid back.
So I have two questions, if they have not deducted this tds from the interest portion of the matured FD, then from where does have they deducted it?
Question No 2- In case bank has not deducted the TDS (despite the guidelines from IT Department about doing so on interest payments above Rs. 10,000), will simply depositing ADVANCED TAX by the Assessee suffice? Will Income Tax Department also enquire me, why the bank has not deducted TDS?
regards.
Sewak.
CAclubindia
