what is the purpose of collecting pan for every savings bank account. will the government impose tds on the interest?
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 10 January 2017
TDS on interest is already applicable, but to keep watch on your high denomination transactions.
Ryan Philips
(10 Points)
Replied 10 January 2017
Hello,
I don't think Bank detuct TDS on Savings Bank Interest income.
Can you point me to where you found it.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 10 January 2017
When total interest including FD exceeds 10000 rs. Tds over the overall amount is deducted; though only interest over sav acc is not deducted.
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