on saving bank int,TDS is deduct or not?
Jainam Shah (43 Points)
24 June 2019on saving bank int,TDS is deduct or not?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 24 June 2019
No,till aggregate interest amount exceeds Rs. 10,000/- (for FY 2018-19)
ACA Sarita Laddha
(Practicing CA)
(1225 Points)
Replied 24 June 2019
Dipesh Jha
(PRACTICE )
(673 Points)
Replied 24 June 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 24 June 2019
1. There is no specific mention about Savings bank interest as per sec 2(28A) or u/s 194A.
2. However as per sec 2(28A) interest payable in respect of deposits, claims or other similar right or obligation. It is given as deposits and not as fixed deposits or other deposits. Hence, the basic interpretation should be that deposit also includes Savings deposits. Hence, the interest on Savings deposits also attracts TDS u/s 194A @ 10% if it exceeds Rs. 40,000 per year.
Please correct me if the interpretations have an alternative view.
CA Sweta Bathawal
(chartered accountant)
(5 Points)
Replied 25 June 2019
Dwaipayan Paul
(Ca final)
(1767 Points)
Replied 25 June 2019
on Interest on savings TDS is never deducted,Never.
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