TDS on fixed deposit

Pawan Verma (Assistant manager finance) (186 Points)

17 May 2010

What is the TDS rate on fixed deposit made by a Company? ( 1 crore and above)

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8 Replies

Rachit (Analyst) (913 Points)
Replied 17 May 2010

under sec.194A @ 10%

CA Punit GoSwaMi (Chartered Accountant) (310 Points)
Replied 17 May 2010

Yes 10%

Pawan Verma (Assistant manager finance) (186 Points)
Replied 17 May 2010

Thanks for ur response

The Company has a deposit of Rs.6 Crore with the bank since April 09

TDS has been deducted @ 22.66%. Is that Ok.

If so, from when is the new rate of 10% applicable

Rachit (Analyst) (913 Points)
Replied 17 May 2010

The TDS rate applicable on interest other that interest on securities for FY 2009-10 and FY 2010-11 is 10%

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 17 May 2010

ya agree with 10%

CA Kiran Sutrave (CA) (428 Points)
Replied 17 May 2010

Its ok because anyways you will be receiving Form 16A from your Bank.

The TDS rate changed from 22.66% to 10% from F.Y. 2009-10. I think from August 19, 2009.

Devendra (Chartered Accountant) (4775 Points)
Replied 17 May 2010

The TDS rates are applicable from 1st October 2009 onwards.

CA Punit GoSwaMi (Chartered Accountant) (310 Points)
Replied 18 May 2010

Yup from 1st october 2009 it is @ 10%..earlier it was 20% + 10% Sur + 3% Cess

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