TDS (Tax Deducted at Source) is calculated on the interest earned or paid on a Term Deposit within a financial year, following the guidelines set by the Income Tax Department. When your bank credits the interest to your account, TDS is deducted immediately. Here are some key points regarding...
The calculation of interest is on PER MONTH basis NOT on number of DAYS basis i.e. PART of month to be considered as FULL month. Note: The Payment of interest should be from the Date on which TDS was deducted, NOT from the date on which TDS Challan is due. Unlock Ad-Free CAclubin...
Can any one please let me know the entry TDS deduction on interest paid to customer. For me I tried A/R Interest calculation on Arrears configuration, and I run the interest calculation through F.2B then the system shows the below entry as mention: Interest Paid a/c DR 900 Customer a/c...
Also, the investment amount should not exceed their retirement benefits. SCSS has a lock-in period of five years. SCSS interest rates are paid out at the end of each quarter. The current interest rate is 8.20% p.a.. The accumulated interest is paid on the first working day of January,...
Processing charges are mandatory and is deducted by every bank which offers a personal loan. The processing fee ranges from 1.50% to 2%, and the costs are to be paid by the applicant to the bank while the loan disbursal procedure is going on. ✅ What are the things that are covered ...
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Furthermore, if consecutive 6 instalments are not paid, then the bank has the right to close the RD account and charge a penalty as per the premature withdrawal policy. Can I open a recurring deposit account for a minor in HDFC Bank? Yes, one can open an HDFC Bank RD account on behalf...
Hi Nitin, Bank will deduct 10% TDS on your bank FD if you have given PAN card, else the TDS would be 20%. When you are filing ITR, the first step (which started from last year) is getting the TDS certificate from TRACES which includes all taxes deducted by various bank on your ban...