TDS u/s 194A
Yahiya (Student CA Final ) (81 Points)
12 July 2018
sreeja reddy
(Articled assistant)
(142 Points)
Replied 12 July 2018
J S BHAVSAR
(CONSULTING)
(1288 Points)
Replied 12 July 2018
But certain banks are not deducting TDS on Savings Account interest even if the interest went above Rs 10000.
sreeja reddy
(Articled assistant)
(142 Points)
Replied 12 July 2018
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 12 July 2018
Yes, tax is deductible at source on interest earned on time deposits (FD/RD) if such income exceeds the threshold limit (Rs.10,000 pa). As I understand, no tax is deducted at source for interest income from SB account in any bank. Further, no interest income is earned on current account.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India