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claim tds deducted on fixed deposit

Ramit (Accountant) (128 Points)

21 January 2019

If a person is exempted from filing income tax return but he has fixed deposit in his own name on which bank deduct tds. So what income should he show while filing ITR in order to claim TDS?

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2 Replies

Lila (Job) (512 Points)
Replied 21 January 2019

Interest income to be taken as Income from other sources.

If your income is below taxable limit, its better you give 15G/H to your bank so that they don't deduct TDS.

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Nitesh bind (Student CA Final ) (12692 Points)
Replied 21 January 2019

If your bank has already deducted TDS then you need to file Income tax return and show Interest income as Income from Other Sources. If you don't have any other income and you total income is within Exemption limit then your total tax payable would be nil and entire TDS deducted would be refunded.

But, better to furnish form 15G/15H so that you don't need to do all this and bank don't deduct any TDS.

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