Using your phone's internet browser
go to:  qna.rediff.com
Click and drag this link to
the Home icon in your browser.
Q.

HI EXPERTS,
If i invest 100000 in bank fd for 5 year @ 9.5 quartly cumm. , i want to know is there any TDS applicable at the time of maturity as Interest is above 10000 limit.

Tags: money
Asked by Dipesh kayasth, 10 Feb '12 03:11 pm
  Invite a friend  |  
  Save  |  
 Earn 10 points for answering
Answer this question  Earn 10 points for answering    
4000 characters remaining  
  
    
Keep me signed inNew User? Sign up

Answers (3)

1.

TDS is something that is not deducted only at the type of maturity. In a cumulative FD, the rules say that when the interest paid or likely to be payable or provided in a financial year EXCEEDS RS. 10,000, then TDS is deducted at the specified rate.

In the example given by you, depending on the date of deposit, TDS may or may not be applicable in the first and last broken period. But it is definitely deductible in the years 2;3;4;
Answered by S. Ramesh, 10 Feb '12 03:44 pm

 
  
Report abuse
Useful
 (1)
Not Useful
 (0)
Your vote on this answer has already been received
2.

I am not expert yet I can tell you submit form 15G or 15 H if you are a senior citizen. so that the bank should not make TDS
Answered by jameel ahmed, 10 Feb '12 03:14 pm

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received
3.

Yes , it is there .
If u dnt submit form 16 of every tax year .
Answered by PRODIP K, 10 Feb '12 03:12 pm

 
  
Report abuse
Useful
 (0)
Not Useful
 (0)
Your vote on this answer has already been received

Ask a Question

Get answers from the community

600 characters remaining