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Whether TDS is recovered if Int is Rs.50000/- or more though 15G or 15H is submitted?
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Earlier there was a circular that though 15H was submitted by a depositor, Banks used to deduct TDS if interest amount was Rs. 50,000/- or more.
Whether this rule is still valid?
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In
Fixed Deposits
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Asked by Suhas Bhave -
1 year ago
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Best Answer:
On fixed deposit if the total amount exceeds Rs.10000, 10% will be deducted as the tax. If the total interest amount of up to Rs.10000 is not taxable. Tax liability for TDS purpose is determined at branch level. Your total interest income is crossing the non-taxable income, then you will not be eligible to fill the form 15G/15H. You can discuss with the bank branch manager. Form 15G/ 15H is to be filled for the each branch.
1 year ago - By Ronak
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