TDS on FDs & other TAX related queries.

POSTED BY dipak kalola ON March 16, 2013 11:19 am COMMENTS (6)

hello friends

i m a govt. salaried person. Till now was not aware that income from FDs are taxable.

Q 1. in ITR-1 there is a column ‘ income from other sources (Ensure to fill Sch TDS2)’ 

but suppose i have some interest from an FD that is below Rs 10K then the bank would not provide me form 16A. so is there need to fill TDS2?

Q 2. i made 2 FDs of Rs 33000 and 40000 (in same branch) respectively last sept. and oct. that will be matured in 2014. The sum intrst of both will be 10000+. Will any TDS be deducted by bank or will i get benefit of break up of financial years?

One more:  is it mandatory to cut TDS from salary even if one is sure that s/he can invest upto 100000 under 80c? (this is a general ques. not related to bank fds)

Sure my friends will provide solution.


Kalola Deepak

6 replies on this article “TDS on FDs & other TAX related queries.”

  1. dipak kalola says:

    Thanks bro…

  2. Dear Deepak, I understood your query correctly & answer the same. No matter TDS was applied or not, you can still fill TDS Schedule 2 for correct reporting of your income.



  3. dipak kalola says:

    Thanks Ashal

    I think I could not explain my query properly. What confused me was that even without TDS certi. Can we show income from other sources in IT return or not? (when intrst from fd is less than 10000)

  4. Dear Dipak, if there is no TDS, still you can fill TDS 2 schedule for zero TDS.


  5. dipak kalola says:

    Thanks Ashal
    I have invested for 555 days @ 9.25 in boi.
    But what abt my first question? I m not asking knowingly.

  6. Dear Dipak Kalola, how are you earning more than 10K interest on combined FDs of around 73K Rs? What’s the rate of interest you have invested in?

    For your queries, yes you ‘ll get the benefit of break up of interest for 2 FYs.

    Regarding TDs on salary, if after considering the 1L Rs. limit of section 80C, the income is taxable, the TDs ‘ll be applied else no TDs ‘ll be there for adjusted income below zero tax slab.



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