Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Tds on interest income..from treasury

366 views

Save Share

NICSON JOHN

514 Points Posted on 25 January 2023

i am salaried person I am earning salary 28k per month.i am also receiving interest on FD from the treasury 20k per month.but after considering my deduction total income is below 5L..but treasury wants to deduct tds on interest...How can i avoid tds deduction on interest..?pls reply thanks in advance

Replies (5)

Quick Summary

This discussion explores how a salaried individual, whose total income is below the taxable limit, can avoid TDS deductions on interest earned from treasury Fixed Deposits. While the general rule is TDS deduction, it's clarified that senior citizens with no tax liability can submit Form 15G to their bank to prevent TDS. The conversation also briefly touches upon the principles of preparing a trading account, clarifying that specific rules regarding opening/closing stock, purchase vs. sales value, and gross profit figures are not mandatory and should reflect actual business transactions.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212453 Points Posted on 25 January 2023

Not possible, unless you are senior citizen.

MPR Sanjay Kumar

3145 Points Posted on 26 January 2023

@ Honourable Dhirajlal sir ,usually while preparing trading account it consists opening stock closing stock sales and purchases and some direct expenses and direct incomes..

My query : As per final accounts rules

1. it is must to show the closing stock balances is more than opening stock.?

2. purchases balance value must reduce compared to the sales balance value?

3. gross profit balance figure must increase compared to the sales value

it is mandatory as per rules could you please explain me if there is any details are not given by clients

only having net profit and sales information

plse explain me