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POSTED BY ON November 29, 2013 7:27 am COMMENTS (5)
Hello,
I had several FDs in my savings bank to foreclose my personal loan which generated interest of 9037.44 (from all FDs in the FY) and I see bank had deducted TDS of 904 from one of the FD. As far I know TDS on FD should be 10% only when total interest exceeded 10,000. But why they deducted TDS from me while it was less?
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Dear Invq, for the given situation, only bank people can answer why the TDs has been applied when total interest pay out is less than 10K. What I understood, FDs were supposed to run for full term, hence full FY’s interest may be considered by bank’s sofrware as your possible income in the FY.
thanks
Ashal
Dear InvQ, 904 Rs. deduction means TDS has been applied on full amount. Whereas you are telling that only 1 FD interest has been deeducted. How can we answer on such incomplete info?
Thanks
Ashal
Yes I agree with you Ashalanshu the amount was 10% of total interest that I earned. But the bank statement shows the amount was deducted from one of the FD’s interest . So I said the same.
Dear InvQ, had you asked it in bank?
Thanks
Ashal
I will ask them this week end, but just wanted to know is that possible and solutions from here so that when I go to bank tomorrow I can go with all my questions and possible solutions/resolutions as well.