on saving bank int,TDS is deduct or not?
on saving bank int,TDS is deduct or not?
No,till aggregate interest amount exceeds Rs. 10,000/- (for FY 2018-19)
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.
on Interest on savings TDS is never deducted,Never.
CAclubindia
