If you are planning on being an investor in the country. You should know the rules and regulations about interest income and TDS rates on FD. Fixed Deposit is one of the most popular long-term investments. Different banks have their own rules about FD. This is bound to change in the private and public banking sectors.
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If the interest income earned on any organisation or company is more than Rs. 5000, the TDS rate is 10%. If the financier does not have PAN details then the TDS deduction on FD interest is chargeable at 20%.
How much TDS will be deducted on fixed deposit?
The exemption of the TDS amount limit for an individual is set at Rs. 2.5 lakh. People will have to make TDS payments on rent. If the rent per annum exceeds Rs. 2.4 lakh. All the regulations and rules have been given in the Income Tax Act, Section 192, 193 and 194.
Type of FD |
TDS |
Resident Indian FD Account |
10% |
Non-Resident Ordinary FD Account |
30% |
Non-Resident External FD Account |
0% |
Foreign Currency Non-Resident |
0% |
Time Deposit(Post Office) |
0% |
10% TDS is levied on Fixed Deposit when the interest amount is greater than Rs. 40000 per year.
This is all from my end on TDS rates on FD
Read more : How to Calculate Advance Tax Penalty? Who is Liable To Pay Advance Tax in India? What is Self Assessment Tax in Income Tax? What is the TDS for NRI selling property in India How much TDS NRI has to pay for selling the property in IndiaYour Feedback Matters! How was this Answer?
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How much TDS is deducted on fixed deposit ?
Farhan
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2022-08-23T17:22:16+00:00 2022-08-23T17:22:17+00:00Comment
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