POSTED BY January 20, 2014 1:24 pm ONE COMMENTON
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?