Poonawalla fincorps
Poonawalla fincorps

Tds on bank deposits

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 September 2018 -Banks are deducting TDS @ 10% on gross interest on FD and do not take into account the exempted income of Rs 3lakhs (for Sr citizens) and deductions under sec 80.They also do not consider rebate u/s 87 A .With the result. While there is no tax or very little tax the TDS. Is very high .And then then apply for refund
They do not accept form15H also.What to do? The income is only from Bank interest from this one Bank .very
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 September 2018 Try for a ' lower rate deduction certificate' form the income tax officer and give it
to bank.

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