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Fixed deposit maturity
How is the tds calculated on maturity of Fixed Deposit.. and also does the fixed deposit when matures increases the income value of individual ???
Replies (5)
The Correct way of calcuating TDS on interest on FD would be see if the yearly interest exceeds 10000/- and then deduct TDS year on year. On maturity the Maturity value after dedcuting TDs will be remitted to FD holder. Some banks follow the wrong practice of deducting TDS in the year of maturity on the entire interest for the period of deposit. Now with core banking this is not happening unless it is manually set by the branch involved
10% is PAN is provided, 20% if not, I second Mr RK above.
Only interest is part of income, that is taxable only in the year of accrual
Interest on Bank FD is taxable on accrual basis every year. If more than 10000 TDS @ 10% deducted and remitted to tax authorities. You have to add actual interest amount credited to your account to your income for the year irrespective of the fact it is below 10000 or not.
it is impossible to passed the GST bill april 2016.orseptember 2016. it is delayed by year to year.because this government very slowly moved. it dission totally wrongful. itis not working parliament process. it is quarrels to opposite parties.so that reason.
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