Regarding tds on stdr

This query is : Resolved

sumit chaturvedi (Querist)
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30 January 2014 My source of income is agriculture.
I`ve made a fixed deposit of rs 20,00,000 @ 9 % for 5 years.
Will there be a tds on the interest, even after submiting form 15G?
If yes, what will be amount of tds?

@VaibhavJ

@VaibhavJ (Expert)
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30 January 2014 Hi

Total annual Interest is Rs. 1.8 lac which is below tax limit hence no TDS will be deducted.

Thx

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sumit chaturvedi

sumit chaturvedi (Querist)
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30 January 2014 If i will deposit 24,00,000 lacs instead of 20,00,000 lacs then what will amount of TDS after submitting form 15g???

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@VaibhavJ

@VaibhavJ (Expert)
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30 January 2014 Hi

You can submit 15G only if your taxable income before any exemption is less than thresh hold limit of Rs. 2 lac.

Thx

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@VaibhavJ

@VaibhavJ (Expert)
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30 January 2014 If you deposit Rs. 24 lac now, for current FY your taxable income will be below 2 lac & no TDS will be deducted.

But in next FY your income will be taxable & you wont be able to submit form 15G.

Thx

sumit chaturvedi

sumit chaturvedi (Querist)
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30 January 2014 thank u so much sir!