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Can TDS be Deducted ?

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(Querist)
29 July 2010 If the interest on the amount deposited in a savings accounts exceeds more than say 50000/- or even more then tds on interest by banks can be deducted or not ?

if tds is applicable then under which section ?
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Rakesh Khanna

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Rakesh Khanna (Expert)
29 July 2010 Generally banks are not deducting TDS on interest on savings accounts.
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srinath

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srinath (Expert)
29 July 2010 No TDS on interest from bank on savings Bank a/c - circular no 617 dated 22.11.1991.

this is applicable only for residents. for non residents banks do deduct TDS on NRO a/c
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
29 July 2010 Agree.. Banks don't deduct TDS in savings bank account. You have to add this income in your ITR .
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
29 July 2010 AGREED WITH EXPERTS.

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