TDS on Interest on FD

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Ravi Dasija

C.A.

221 Points Posted on 07 April 2011

Hello Friends/ Seniors

I have an interest income of Rs. 40,000/- from Fixed Depoits. All the FDs are with one bank only.

My questions are:

1) TDS that will be deducted by the bank will on the full amount of Rs. 40,000/- or on Rs. 30,000/-

2) If the FD's are with different Banks and the total Interest received is the same Rs. 40,000/-, but interest from none of the banks exceed Rs. 10,000/-, then will TDS be deducted or not.

Thanks in advance

Replies (3)

U S Sharma

glidor@gmail.com

21670 Points Posted on 07 April 2011

Originally posted by : Ravi Dasija

Hello Friends/ Seniors

I have an interest income of Rs. 40,000/- from Fixed Depoits. All the FDs are with one bank only.

My questions are:

1) TDS that will be deducted by the bank will on the full amount of Rs. 40,000/- or on Rs. 30,000/-

- full interest income is liable for TDS

2) If the FD's are with different Banks and the total Interest received is the same Rs. 40,000/-, but interest from none of the banks exceed Rs. 10,000/-, then will TDS be deducted or not.

- Bank branch will deduct TDS only in case of interest exceeding 10000/- per bank branch.

Thanks in advance