The TDS on fixed deposit is applicable only if the interest earned on an FD in a financial year exceeds INR 40,000. This threshold amount is INR 50,000 in the case of for senior citizens. Open a DBS Bank Account Now What are the Different TDS Rates on FD Based on Your Residency Status?
Due Dates of Depositing TDS to Indian Government? The 7th of next month is the deadline for TDS deposits. To put it another way, if a person deducts TDS in July, he must deposit till the 7th of August. On the other hand, TDS deducted in March can be deposited until April 30th. F...
When you open a fixed deposit with bank then you are lending money to the bank and it pays you interest. Applicable interest rates will be given as on the date of receipt of the funds by the bank and is fixed for the specified duration. Interest that is earned on fixed deposits is tax...
If Tax is not deducted at Source i.e TDS has not been cut at times it does not mean that one is not required to pay tax. For example in case of interest on recurring deposit or saving account with banks and society, TDS is not cut but one is required to pay interest on it. Self...
It comes under theSec 194 IA, the Income Tax Act1961. Section 194-IA is applicable to all including relatives, minor, senior citizens etc. However, if transfer is a gift, then one does not have to pay TDS.The main objective for introducing this rule is to track all the high value rea...