08 December 2015
When my annual interest earning from fixed deposit is less than Rs. 10000 than on such interest can bank deduct tds?
I have only one fd and no other fd in any bank of same branch.
Request to please reply soon.
08 December 2015
They should not deduct TDS unless Rs 10000/- threshold limit is crossed. Please check whether you have some interest from auto sweep (if you have that facility). Interest earned through auto sweep is also FD interest.
If there is only Rs 9500/- and still TDS has been deducted write a complain letter to the bank quoting provision of section 194A which clearly mentions a threshold limit of Rs 10000/-.
CAclubindia
