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TDS Dedection By Indian Banks?

  • I am little confused therefore need some help. When does the Indian Banks deduct TDS. Do they deduct if interest on account balance surpasses rs.10,000 or on every single deposit I will make in the bank. I have a savings account in HDFC Bank for which I need this answer.

  • Answer:

    If your transactiion (Income ) is taxable you wiill pay deduct at source If your income is not taxable you are not abide to pay any tax If bank has deduct the TDS (Tax Deduct At Source) you can refund it on applicatin If you have Permanent account nomber card it will transfer to your account autometacly ":

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Interest other than interest on securities (section 194A). If aggregate amount of interest payable or creditable during the financial year exceeds Rs. 5000 (or Rs. 10,000 in case paid by a banking company, cooperative society engaged in banking or post office on notified deposit schemes), you must deduct TDS at 10%.

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