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Will Rs. 6 lakhs FD for 333 days accrue TDS at 7.4%?

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Oct 04, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Oct 03, 2024Hindi

Money

If I invest Rs.6 lakhs now in Fixed Deposit for a period of 333 days at around 7.40 percent interest rate. How much will be the TDS deduction and when will it be deducted? At maturity or a part in this FY and some part in next FY?

Ans: Whenever your interest earned on FD crosses threshold limit as applicable, based on IT rules, TDS will be deducted by the bank.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I made a Fixed Deposit of Rs. 1Lakh at a contracted @7% for a tenure of 3 years on 1April 2021 in a private bank. However due to some reason i prematurely closed the Fixed Deposit on 3April 2022. Being premature closure,the interest rate paid by the bank was reduced to 5% for the FD deposit period viz. 1April 2021 to 3April2022. But the Bank had already deducted TDS each quarter of FY 2021 starting April2021 till 31March2022 on the interest paid @ 7% and the same had been deposited to Income Tax Department and also being duly reflected in the 26AS against my PAN for all these 4 Quarters of FY 2021_2022 (AY2022-2023). Now the issue is as actually my actual income is less than the income reflected in 26AS, i am entitled to pay less income tax and so claim partial refund of TDS reflected in 26AS. Please advise how to treat this TDS in my income tax return filing for the AY 2022-2023?

Ans: The bank will have to correct the TDS paid by filing a revised TDS return which will reflect in your 26AS and then only the issue will be solved.

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Question by AMIT - Jul 27, 2023Hindi

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Good Day Sir Parikh Sir, I am 47 years old and I am having FDR in three / four banks on which presently no TDS is being deducted by the banks as the interest income is under Rs.40000/- in each bank. I want to get the TDS deducted @ 10% by the bank on my FDR income even if the interest amount is below Rs.40000/- The banks are mentioning that the Computer system does not deduct TDS below Rs.40K. Sir, can you guide any Rules / Procedure so that the banks may be intimated through a letter to deduct at least 10% TDS on my FDR income. This will help me for not depositing TDS from my Saving account and the same is deducted from the interest income earned on FDRs. Kindly guide how can I get my TDS deducted on FDRs below certain exemption limit as per Govt. policy

Ans: Hello Amit,

I understand your concern and it's great to see your proactive approach towards tax compliance.

As per the Income Tax Act, banks are required to deduct TDS on interest income when it exceeds Rs. 40,000 in a financial year (Rs. 50,000 for senior citizens). This is an automated process and banks follow this rule strictly.

However, if you wish to have TDS deducted even when your interest income is below Rs. 40,000, you may not be able to do so through the bank directly as their systems are designed to comply with the existing tax laws and automatically deduct TDS only when the interest income crosses the specified threshold.

That being said, you can still manage your tax liability effectively. You can calculate the tax on your interest income and pay it as Self Assessment Tax or Advance Tax, as applicable, through the Income Tax Department's e-payment facility. This way, you can ensure that your tax payment obligations are met in a timely manner.

Please consult with a tax advisor or chartered accountant for personalized advice based on your specific circumstances.

I hope this information is helpful.

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Asked by Anonymous - Aug 14, 2024Hindi

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Interest income on fd does not exceeds 40000 yet tds 10 percent is deducted, why. Suppose fd of 25 lakh and 2 fds and for 46 days at 4.5 percent tds gets deducted at about 5500 . Pls explain this

Ans: Hi
Assuming that the interest is out of deposit with an eligible institution viz., Bank, Coop Bank & Post Office, the threshold amount is Rs. 40,000 otherwise the threshold would be Rs. 5,000. If your interest is from the eligible institutions then you will need to speak with them.

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