Whether Interest from Fixed Depsit and FD with Banks are liable to TDS at maturity ? If Yes, then what is the limit upto which it is not taxable ?
8 Replies
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 23 July 2012
The Maximum limit is 10,000......and yes it is liable under 194A
Devendra Singh
(Chartered Accountant)
(487 Points)
Replied 23 July 2012
TDS is deductible if interest exceeds Rs.10000, whether at the time of maturity or at the time of credit into the FD account...
CA Manikandan.A.V
(FINANCE & ACCOUNTS)
(789 Points)
Replied 24 July 2012
you can submit to the bank Form 15g to get exemption if applicable to you.
shilpa
(asstisstant)
(37 Points)
Replied 24 July 2012
hello,
i'm unable to upload ITR 1 due to non availablility of MICR code, pl suggest
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 24 July 2012
| Originally posted by : Devendra | ||
 |
TDS is deductible if interest exceeds Rs.10000, whether at the time of maturity or at the time of credit into the FD account... |
|
yes agree
Gunjan Tulsyan
(Article)
(222 Points)
Replied 24 July 2012
The limit as stated above is Rs.10000 and the bank starts deducting interest on its own once the interest amount exceeds Rs.10000 @ 10% u/s !94 A.
Budding Professional
(B.Com, CA & CS FINAL)
(1686 Points)
Replied 25 July 2012
u can seek exemption also if u r eligible.. the bank will itself deduct tds if the interest accrues to the extent of the ceiling prescribed u/s 194A..
Recent Topics
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
- Joint Account with 3 legal heirs.......
Related Threads
CAclubindia
