Recurring deposite TDS details

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  1. strameshkumar

    strameshkumar New Member

    Hi ,
    I am planning to open a recurring deposit account.
    Monthly 5000/- with 7.5% interest rate for 4years. So total outcome will be 280335.

    I am paying incom-tax for my salary

    Do i need to pay any separate tax at the last year for the RD interest ?

    What is the use of form 15G and how to avoid the tax for my savings in RD.
     
  2. ZED

    ZED Well-Known Member

    On recurring deposit, tax shall be deducted @ 10% by the depositee.
    If the tax payable by you is more than 10% [20% or 30%] then you will need to pay the remaining amount by yourself.
    Advance tax provisions might be applicable.
    Form 15G can not be used because you are paying tax from salary. Form 15G can be used in those cases where the total taxable income is within the maximum amount which is not liable to be taxed [2.5 Lacs in case of non senior citizen individual.]


    Advance tax
    upload_2016-7-2_19-36-30.png
     
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