TDS on FD

POSTED BY qwerty ON July 24, 2012 11:59 pm COMMENTS (2)

Hi all.

I have an FD for Rs 1,50,000. The interest on this FD, being greater than Rs 10000, will attract TDS. Also, my income falls in the 20% income tax slab. So, while filling up the income tax return form, in the section “interest from other sources” if i put the interest from this FD, the form will automatically calculate the tax based on the 20% slab.

Now, to avoid this extra 10% of tax(20%-10%), how shall i proceed while filling up the income tax return form?

2 replies on this article “TDS on FD”

  1. qwerty says:

    Thanks Manish…. u just raised my tax liability by 10% on my interest income. 🙂

  2. But the tax you need to pay is 20% only , the TDS might be cut as 10% , then in that you need to pay extra 10% tax on FD interest again . Is this the case ?

    If TDS is cut at 30% , then you are liable to get back 10% . in which case you need to apply for refund !

    Manish

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join 1,60,000 email subscribers

FREE Video Lessons directly in your email daily

144 page PDF ebook with best articles from Jagoinvestor

Get future articles directly on your mailbox + updates


6 PART VIDEO COURSE

FREE 

 

 

You are subscribed for FREE Course now, Check your Email

CONGRATULATIONS

Join 1,60,000 email subscribers

FREE Video Lessons directly in your email daily

144 page PDF ebook with best articles from Jagoinvestor

Get future articles directly on your mailbox + updates


6 PART VIDEO COURSE

FREE 

 

 

You are subscribed for FREE Course now, Check your Email

CONGRATULATIONS