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Is tds deductable on savings bank interest

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(Querist)
07 December 2011 Is TDS deductible on Interest on amount kept in Savings Bank A/c
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
07 December 2011 Yes TDS is deductible on saving bank interest if the total interest during the period exceeds Rs. 10,000/-
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
07 December 2011 TDS deduction is not attracted on Savings Bank Account Interest.


Please Refer:

Circular No 617 Dated: 22/11/1991.

Sec 194A not applicable on Savings Bank Interest.

Please refer below link--

http://incometaxindia.gov.in/Communications/Circular/910110000000000662.htm
See 4 (d)
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CA Navin Jain

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CA Navin Jain (Expert)
07 December 2011 yes, tds is not deducted on saving bank account interest.

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