TDS on Fixed deposit

Dear Pankaj,

I have question regarding the interrest on saving account and FD from Bank. I will receive less than 10,000 rs interest on saving account and 8000 Rs on FD in the same account with the same bank. How the bank will deduct the TDS? As from the current FY there will be no TDS on interest income upto 10,000 Rs from Saving account, whereas as per TDS guidelines bank deduct TDS if cumulative (saving + FD )interest exceeds 10,000 Rs in a year.

Thanks

asked Apr 24 '12 at 11:45 by Deepak Singhal 1111


Your bank would deduct 10% TDS on interest earned on fixed deposit as total interest outgo in your account is more than 10,000.

answered Apr 24 '12 at 16:29 by Pankaj Batra 5.2k320

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Asked: Apr 24 '12 at 11:45

Seen: 1,729 times

Last updated: Apr 24 '12 at 16:29