Tds on interest

Hi guys,

 

Can you explain me how the banks will deduct tds on interest on fixed deposits in both cases ( if PAN card submited & PAN card not submited) , and if we didn't submit the PAN card and now if we submit i.e. after deducting TDS on interest, how can we get the refund of amount of TDS deducted

 

Thanks & Regards:

D.Ramesh

CA student ( articleship trainee)

Replies (4)

If pan card is submitted then it's 10% and if not then 20%

10% - PAN Submitted

20% - PAN not submitted

 

Regards,

Devendra Kulkarni

TOTALLY AGREED WITH ABOVE COMMENTS, NON FURNISHING OF PAN ATTRACTS TDS @ 20% U/S 206AA of Income Tax Act 1961.

And one more thing if you don't want to get deducted TDS from your Fixed Deposited then just go to Bank & Fillup the form no.15G (For non scenior citizenz) or 15H (For scenior citizen). This form shows that your income does not exceeds basic exemption limit. And make sure before fillingthat it actually not.

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