Bank Fixed Deposit TDS stands for Tax Deducted at Source. It refers to the tax deducted by the bank from the interest income earned on a fixed deposit before it is credited to the depositor's account. This deduction is mandated by the government to ensure tax compliance. The TDS rate varies depending on the country and prevailing tax laws. The deducted TDS is an interim tax payment, and the depositor is still responsible for including the interest income in their annual tax return. The TDS amount is adjusted against the total tax liability, and any excess tax is refunded or additional tax is paid accordingly.
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Hi,
The TDS on Bank FD is a type of tax that is deducted from interest earnings accumulated on a fixed deposit account at the source. TDS is subtracted when it falls into the taxable category. The interest on FDs is taxable no matter where a person created an account.
It should be noted that earnings generated from a tax-saving FD are also subject to TDS. When joint FD account holders are involved, TDS on FD interest is calculated based on the PAN of the principal account holder. This means that any TDS on FD-related deductions is not the responsibility of the secondary account holder.
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What is the Bank Fixed Deposit TDS?
Rahul
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2023-06-13T09:17:56+00:00 2023-06-23T21:13:33+00:00Comment
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