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POSTED BY ON July 17, 2014 10:54 pm COMMENTS (4)
Hi,
This question is for my friend.
He’s a salaried professional and has to fill income tax return(form is ITR-4). He has got a Fixed Deposit of around 2.75 lakhs in state bank of travancore. Interest rate is 8.5% pa. PAN has been updated in his bank account
Q1. Do state banks apply TDS on FDs?
Q2. Where can he get the TDS details for this bank FD? Is it available online or need to approach branch?
Q3. What happens if he fails to show this interest income details in his ITR? I mean is it just that he wont get his income tax return or his return wont be processed or IT department goes to impose a fine on him for not showing this FD interest income details in ITR?
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Q2. Where can he get the TDS details for this bank FD? Is it available online or need to approach branch?
If you have access to netbanking then there is an option to view Form 26AS. This will show you all the TDS that has been done against your PAN (all sources banks, company etc). You can also get access to Form 26AS through https://incometaxindiaefiling.gov.in/
OR
Visit bank and ask for Form 16A. They print it out and put a seal and give it.
Thanks Mr Ajay
If salary, deposits are the only income, ITR-1 should be fine…..
1. Yes….Banks cut TDS if the interest income is > 10k in a financial year @ 10% of the interest income….
2. It should be available in the net banking in the transactions of the FD Account…. If it is not there, then has to approach bank to ask clearly whether TDS is done or not…
3. If the income tax people find that income from interest is not mentioned in ITR, they can impose huge fine, so better declare everything clearly in ITR…..
Thanks Mr. Hemanth!!