Sir..
My bank have deducted TDS u/s 194A on deposits. They deducted 15.7% on the internet portion upon maturity. I came to know that the rate of deduction is 10% as per the Act. I receive no response from the banker even after repeated requests. Kindly let me know the logic behind 15.7%. pls help.
Regards
The deduction of 15.7% by your bank under Section 194A seems incorrect.
_Cess_: A 4% health and education cess is applicable on the TDS amount.
Actionable Steps Given the bank's unresponsiveness, consider:
1. _Filing a complaint_: Reach out to the bank's nodal officer or the Banking Ombudsman.
2. _Claiming refund_: File your income tax return and claim a refund for the excess TDS deducted.
Thank you sir for the valuable reply...
CAclubindia
