TDS on fds

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56 Points Posted on 17 July 2021
kindly advise
whether banks count yes per FD or collectively
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On 17 July 2021 at 15:29 Report
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Quick Summary
This discussion clarifies how Tax Deducted at Source (TDS) is applied to Fixed Deposits (FDs). Banks collectively consider the interest earned across all your FDs when determining if the threshold for TDS deduction is met. A 10% TDS is deducted under Section 194A on interest payments exceeding £40,000 for individuals and £50,000 for senior citizens, calculated on a payment-by-payment basis.

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STUDENT
1631 Points Posted on 17 July 2021
FD -Interest more than 40 thousand / 50 thousand, Banks deduct 10% u/s 194 A for Individuals & Senior Citizens respectively.
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On 17 July 2021 at 15:57
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CA
2141 Points Posted on 17 July 2021

It is counted collectively .

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On 17 July 2021 at 16:28
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STUDENT
1631 Points Posted on 17 July 2021

Deducted on payment wise.

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On 17 July 2021 at 16:30
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56 Points Posted on 17 July 2021
Thanks
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On 17 July 2021 at 20:10
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Practice
1361 Points Posted on 18 July 2021
Yes it's counted collectively
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On 18 July 2021 at 10:12

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