How to deposit balance income tax on bank interest above TDS cut ?

POSTED BY shikharbit987 ON January 20, 2014 1:24 pm ONE COMMENT

I come in 20% income tax slab.If my bank cuts 10% tax on interest, so rest 10% will have to be deposited by me? How to do this? I understand that I need to get a “form16/TDS certificate” from each branch separately and then deposit remaining tax at that bank branch or online via Internet Banking. Is this correct?

I have “savings SBI account” -both sweep enabled at two separate branches. One cuts TDS on interest @10% and other one does not cut any TDS.So, in second case, I need to deposit whole 20% by myself, right?

One reply on this article “How to deposit balance income tax on bank interest above TDS cut ?”

  1. ashalanshu says:

    Dear shikhar, you can pay your due taxes through SBI’s netbanking. Please use, pay your taxes option of netbanking.

    yes for 2nd Fd, you need to pay your 20% tax.

    Thanks

    Ashal

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