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my bank has deducted on 10% TAX instead of 10.3% towards interest earned on FD
my bank (SBI) has deducted Rs.1250 towards TDS on interest earned on FD. this is 10% of interest. bank has not deducted 3% educational cess. how should i pay the 3% balance educational cess amount? do i need to pay penalty?how should i show this in IT returns? there is no response from bank on this issue.
In Fixed Deposits  -  Asked by srikanth -  3 years ago
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Answer 1.
Interest earned on Fixed Deposits is considered an Income and hence is subjected to Income Tax. The tax is deducted at source in terms of TDS. TDS is deducted @10% of the total interest paid if PAN No. is incorporated in your account and @20% of the total interest paid if PAN No. is not incorporated in your account. The education and secondary education cess is included in the 10% deduction. Please approach the bank for a Form - 16 A duly signed by the Manager indicating the deduction. Add the total interest paid on your FD to your Annual Income. If after that your annual income does not crosses the slab in which you have already paid Income Tax (in other words if after adding interest your annual income does not crosses the slab for which you have already been assessed, i.e. by your employers etc.), you can claim a refund of the amount deducted from your respective IT authorities in terms of an Income Tax Refund Order (ITRO)
3 years ago - By Ratan Chatterjee
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