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Tds on int from bank

Amit Sharma (Owner) (104 Points)

06 May 2017

I have not submit Form 15G-H in bank .I want to know how much TDS deducted on it. Is TDS deducted on saving bank intt also.

How to get back that TDS

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7 Replies

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 06 May 2017

TDS @ 10% deducted on FD int.No TDS deducted on saving bank intt

2 Like

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rama krishnan (12234 Points)
Replied 06 May 2017

if savings bank interest exceeds 10000 rs then tds will be deducted at 10% , correct me if I'm wrong

3 Like

devakinandan gupta (study) (72 Points)
Replied 06 May 2017

no TDS on any amount of saving account interest

2 Like

S S Dahale ( Agri and business) (439 Points)
Replied 06 May 2017

If any interest ( either on savings bank account or on Fixed deposit) exceeds Rs.10000 per annum ,

it is mandatory for banks to deduct TDS, in cases ,if one has submitted form No.15H /15G, banks would not deduct so.. nowadays , banks are follwing safer way to do so.. for interests on fixed deposit(even if it is below Rs10000 per annum ) banks are deducting TDS @ 10 % if PAN details are avialable or @ 20%if either 15G/15H/PAN No. is Not vaialble with records of the BANK

3 Like

Anil Talukder (86 Points)
Replied 06 May 2017

Banks are under obligation to deduct TDS on interest payable to Recurring deposits and Fixed Deposits only if total interest on these two type of deposits exceed Rs 10,000/- in a financial year. There is no TDS implications on interest payable on savings deposit.

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Amit Sharma (Owner) (104 Points)
Replied 06 May 2017

Thanks to all for their valuable suggestions.

1 Like