WILL TDS BE DEDUCTED IN THIS CASE???? ----- PART 2

This query is : Resolved

Manik (Querist)
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24 April 2008 If in FY 2008-09, we have FD's maturing on which interest worth Rs 10500/- has accrued and we dnt encash these FD's and renew them for 1 more year then in such a case when will the TDS Amount be deducted?? Will it be at the time of encashing the FD's in next year or will it be the time the FD's have matured(which is the current year) and we are renewing it for one more year.

R.V.RAO

R.V.RAO (Expert)
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25 April 2008 IN EVERY FIN. YEAR THE BANK/INSTITUTION HOLDING F.D WILL DEDUCT TDS ON MORE THAN RS 10000/- INTEREST, IF NO DECLARATION IS GIVEN FORM 15 G/H.
IF NOT DONE SO, ( USUALLY NO SUCH POSSIBILITY), THE TDS WILL BE DEDUCTED AT MATURITY/RENEWAL /ENCASHMENT WHICH EVER IS EARLIER.
R.V.RAO