POSTED BY July 17, 2014 10:54 pm COMMENTS (4)ON
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?