Bank TDS and Reconciliation Issues
You may have noticed that tax has been deducted at source (TDS) by your bank on 31st March for your bank fixed deposits (FDs). Banks deduct tax @10% when interest on your FDs crosses Rs10,000 in a financial year, unless you file Form 15G/15H. Even though banks deduct this tax on the interest amount, it does not complete the taxpayer’s responsibility. If your tax slab is higher than 10%, you...
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