POSTED BY January 31, 2014 3:07 pm COMMENTS (3)ON
My bank has deducted an amount of tax from my fixed deposits, that is absurd if the TDS rate is 10% but possible if rate is 20%. If my gross income and interests from FDs are added the total taxable amount overcomes 5 lakh band.
My question is-
Does any bank deduct TDS @20% assuming total taxable income crosses 5 lakhs? Second question is the amount deducted is not shown in 26AS. why?