on saving bank int,TDS is deduct or not?
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TDS on saving bank int
Replies (9)
No,till aggregate interest amount exceeds Rs. 10,000/- (for FY 2018-19)
on saving bank interest tds is not deducted
any reason for that no deduct TDS?
if ur Interest income exceeds Rs.40000 then TDS will be deducted by banks @ 10% whether the interest income from Fixed or savings nothing matters....
for saving bank int TDS deduct or not for f y 18-19
yes if it exceeds Rs.10000
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.
There is no tds upto rs.10,000 int on saving bank a/c, above rs 10,000 there will be 10% tds.
on Interest on savings TDS is never deducted,Never.
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