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  • Susheelkumar29

    how the refund of tds is treated

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  • Amit Arora

    Dear Sir/ Madam I need to pay additional tax for Interest earned on Fixed Deposits in the bank. Already TDS has been deducted at the bank at the rate of (10% income tax + 0.3% education cess) , but as I fall under overall category of 30% income tax, I have to pay the additional taxes. I need to know which of the challans (CHALLAN NO./ITNS 280 or CHALLAN NO./ITNS 282) I have to fill for the same (additional tax for Interest earned on Fixed Deposits in the bank)  1CHALLAN NO./ITNS 280(payment of Income tax & Corporation Tax)2CHALLAN NO./ITNS 282(payment of Security Transaction Tax, Hotel Receipts Tax, Estate Duty, Interest Tax, Wealth Tax, Expenditure Tax /Other direct taxes & Gift tax) Please guide.Thanks & Regards,Amit Arora

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  • Anonymous

    Dear Reader,

    With respect to your question on our page – asking about challan forms for payment of TDS, please refer following document provided by Income Tax Dept – The challan information details are present in Section 1.4 (Page 4)

    We hope the information was useful to you.

  • Mamta Shinde13

    am i required to show my interest on FD every year till maturity or only at the end of maturity

    • Anonymous

      Dear Reader,

      Yes you are required to show interest earned every near and not at the end of maturity.

  • Sunil_mehta77

    very good

    • Anonymous

      Thank you for your positive feedback.

  • Ranjit

    Dear Sir/Madam i deposited Rs.10,00,000 in bank for 6 months. They have given Rs.41675 as interest @ 8.25% and cut Rs.8335 as tds @ 20%. The total amount after this is Rs10,3340.  Is this the right % to be cut for tds.

    • Anonymous

      Dear Reader,
      In case you have not submitted your PAN card to the bank, they are authorized to deduct tax @ 20%, else they will deduct tax @ 10%.

  • Srikanth

    i had earned 12500 interest on FD and bank has deducted 10%amount i.e., 1250 towards tax. but 3%cess has not been recovered. when asked the bank persons responded they are not going to deduct cess. how should i show this in my ITR returns . if i add this amount to my salary earnings then 3% cess difference is appearing in total TDS deducted and tax to be paid. can i now pay the diff amount. if so how? what is the procedure? what happens if i dont show the interest earned amount in ITR?

    • InsureInvest

      Dear Reader,

      When computing your tax liability, you should add the interest income to your total income. Once tax is computed, you should deduct the tax already paid and pay remaining amount. This way cess difference will be taken care of.

  • Rajeev


    Please advise me what will be the matured amount after the deduction of TDS as in the case of following FD:

    Principal amount – 2Lac
    Interest rate – 10%
    Period – 35 months + 1day

    Thanks and Best Regards,


    • InsureInvest

      Dear Reader,

      The interest you would earn is approx Rs 30,000.
      If you have furnished ur PAN no with the bank, TDS would be 10% of this, i.e. 3000.
      So matured amount should be approx Rs 27,000.

      For better clarification please contact your bank.

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  • Aadishri G S

    I want clarification regarding TDS on interest income. Interest income upto 10000 is exempt from tax, but if interest income is (say) 11000 then 10% TDS will be deducted from (11000-10000=1000) or from entire 11000?

    • InsureInvest

      Dear Reader,

      First of all interest income is fully taxable. Say if you earn a salary of Rs 5,00,000 in a financial year and earn an income from interest of Rs 11000, then your taxable income is Rs 5,11,000. Its just that banks dont deduct tax upfront untill the interest amount is greater than 10000. However if banks dont deduct tax, you are supposed to pay it while filing your return.

      Coming back to your question, banks would deduct TDS on the entire interest income @ 10% if you have declared your PAN with them else @ 20%

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