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What is the taxable amount for fixed deposit in local bank?

I had a fixed deposit,which yielded 100,000 rupees on maturity. But when then bank credited amount Rs 98,409 ?

  • Is the TDS is deducted at the bank. But Our annual income is less than the taxable income. How to avoid the TDS deduction at Bank.

  • Answer:

    If you have fixed deposits in bank and your income is not taxable income so first thing to be done from your side is to submit Self Declaration (form 15G) as early as possible (the best is when financial year starts that is April first) to avoid TDS getting deducted. http://mutual-funds-personalfin.blogspot.in/2011/05/self-declarations-by-depositor-not-to.html

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Yes TDS is deducted at Source i.e. The bank. TDS is not dependent on your annual income. It depends on the amount of interest accrued in a particular Branch on a particular investment. You can avoid TDS by giving a Form 15G/H depending on your age. Bye

veen

If you dont fall under tax bracket and are not liable to pay tax, then you should submit form 15G or 15H depending upon your age so that the TDS is not deducted. If TDS has been recovered from you, if you have not submitted the form, then you have no other choice but to take a certificate regarding TDS from the said bank, file income tax returns and claim refund. You can try your luck with the bank ASAP. If the TDS amount has not been credited to the govt. a/c by the bank yet, then the bank can reverse it even now if you submit the form.

Iyer

The option available now is to get certificate from the bank regarding tax deducted at source in Form No. 16 A and file the return of income to get the refund. To avoid deduction of tax in future file Form No. 15G /15H in the beginning of the fiscal year.

Premjit

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