Sir Iyerji (Online marketing) (61 Points)
27 August 20181. Bank wont dont deduct TDS up to rs 50k interest earned?
2. They will report interest paid in 26AS right ?(like reporting under 15G applied Fd's right now)
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 27 August 2018
Yes from FY 2018-19 (AY 2019-20) SENIOR CITIZEN can claim deductions upto 50000 of bank FD interest and savings bank interest u/s 80TTB - Further 80TTA will not be applicable to senior citizens. All FD interest are reported in 26AS with or without TDS.
Whether 10k is the limit or 50k is the limit for TDs deduction for senior citizen is not known to me. Probably Rambia sir can throw some light on this.
CAclubindia
