Topic: How much investment is safe as fixed deposit in banks against tds deduction on interest?

How much investment is safe as fixed deposit in banks against tds deduction on interest?

Hi,

Tax is deducted at source, from the interest on fixed deposits, as per the income tax act 1961.

Tds will be deducted when interest paid or accrued during a financial year is Rs.10000 or more.

Applicable TDS rates are: individuals – 10% plus Cess on top of this.

However, if your income falls below the taxable limits, you may submit form 15h to request exemption.

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