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Tds on interest

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Ramesh

Audit Manager

65 Points Posted on 27 December 2012

Hi guys,

Can you explain me how the banks will deduct tds on interest on fixed deposits in both cases ( if PAN card submited & PAN card not submited) , and if we didn't submit the PAN card and now if we submit i.e. after deducting TDS on interest, how can we get the refund of amount of TDS deducted

Thanks & Regards:

D.Ramesh

CA student ( articleship trainee)

Replies (4)

Durga Prasad

Trainee

331 Points Posted on 27 December 2012

If pan card is submitted then it's 10% and if not then 20%

Devendra

Chartered Accountant

3769 Points Posted on 27 December 2012

10% - PAN Submitted

20% - PAN not submitted

Regards,

Devendra Kulkarni

CMA RAVI

ASSISTANT MANGER - FINANCE

411 Points Posted on 27 December 2012

TOTALLY AGREED WITH ABOVE COMMENTS, NON FURNISHING OF PAN ATTRACTS TDS @ 20% U/S 206AA of Income Tax Act 1961.

Hiren bhayani

IPCC

26 Points Posted on 28 December 2012

And one more thing if you don't want to get deducted TDS from your Fixed Deposited then just go to Bank & Fillup the form no.15G (For non scenior citizenz) or 15H (For scenior citizen). This form shows that your income does not exceeds basic exemption limit. And make sure before fillingthat it actually not.