TDS on Variable Recurring Deposit

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  1. G T Rama Prasad

    G T Rama Prasad New Member

    TDS on Variable recurring deposit is introduced by Government or Not? Wha tis the effective date? What about the old accounts not matured so far?
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    As per the budget 2015, with effect from 1st JUN 2015 deduction of TDS is applicable to interest earned on recurring deposits.

    Yes if aggregate of your interest on RDA/C's exceeds RS.10000/- as on 1st JUN 2015,then TDS is to be deducted @10% as per sec 194A.

    However if your total income (after chapterVIA deductions) is less than the taxable limit, then kindly submit form 15G or 15h to your banker so as to escape from deduction of TDS.
    .
     
    Last edited: May 18, 2015
    Amit Sahni likes this.
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