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Tds deducted by bank

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10 September 2014 I have some FD & RD maintained in HDFC bank. Bank has deducted TDS of Rs. 15000 in F.Y. 2013-14. Is this TDS deducted on interest from RD also or just on interest on FD?. Also do banks deduct TDS on interest on saving bank account?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
10 September 2014 TDS applicable on FD and RD Interest u/s 194A.

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://www.incometaxindiapr.gov.in/incometaxindiacr/contents/CBDTFiles/Circulars/CBDTLaws/HTMLFiles/sec194a_617_91.htm

See 4 (d)
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CMA. CS. Sanjay Gupta

Profile Image

CMA. CS. Sanjay Gupta (Expert)
10 September 2014 TDS applicable on FD and RD Interest u/s 194A.

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://www.incometaxindiapr.gov.in/incometaxindiacr/contents/CBDTFiles/Circulars/CBDTLaws/HTMLFiles/sec194a_617_91.htm

See 4 (d)
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