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)
If pan card is submitted then it's 10% and if not then 20%
10% - PAN Submitted
20% - PAN not submitted
Regards,
Devendra Kulkarni
TOTALLY AGREED WITH ABOVE COMMENTS, NON FURNISHING OF PAN ATTRACTS TDS @ 20% U/S 206AA of Income Tax Act 1961.
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.
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