TdS on fixed deposit

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629 Points Posted on 21 March 2021
Sir,

please guide I think some mis understanding by bank
suppose Mr.X opened fixed deposit in pNb for one year estimate interested earned from FDR Rs.29600/- Bank Clerk ask to Mr. x filled form 15G in April month otherwise 10% TDS will be deduct. So that means TDS applicable when interest income Rs.10000 increased.
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On 21 March 2021 at 20:14 Report
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Quick Summary
This discussion clarifies the rules around Tax Deducted at Source (TDS) on Fixed Deposits (FDs). It explains that while TDS is generally applicable when interest income exceeds certain thresholds (like ₹10,000 or ₹40,000 depending on the bank), submitting Form 15G is crucial for all FD holders. Filing Form 15G ensures that TDS is not deducted on your interest income, even if it doesn't exceed the bank's specified limit, preventing potential misunderstandings with your bank.

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Chartered Accountant
24588 Points Posted on 21 March 2021
In case of fixed deposits 15G should be filed by every holder for not getting TDS deducted on interest. It is mandatory
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On 21 March 2021 at 21:01
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629 Points Posted on 21 March 2021
So that means every bank has separate separate rules SBI is asking tdS applicable when interest income is increase 40000
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On 21 March 2021 at 21:30
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Chartered Accountant
24588 Points Posted on 21 March 2021
But if you submit 15G then there is no problem even if Interest doesn't exceed limit
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On 21 March 2021 at 21:44

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