5 year tax saving fixed deposits

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2013 My friend earned salary of Rs.269000/-
in fy 2012-13. He made a 5 yrs' Tax Saving FD of Rs.65000/- (Maturity amt.Rs.101000/- appx. maturity in Dec.2017).

Around Rs.35000/- is interest which will be earned on 5 yr. FD.

1. Whether bank will deduct TDS on interest at the time of maturity .
2. Whether giving 15G Form to bank in 2017 will help in avoiding TDS deduction.
3. If bank deducted any TDS in 2017 can i claim refund of same .

Amol S Joglekar

Amol S Joglekar (Expert)
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09 January 2013 01. Bank will deduct TDS subject to the limit specified in the section.
02. You can give 15H form if your income is below taxable.
03. If bank deducts the whole amount of "TDS" in 2017, you can claim the same in the then assessment year.