How do you deserve to work with magazine like “Outlook Money”.
TDS on FD is 10 % not 30% mentined by dear Veena
If the fixed deposit holder is a resident individual and HUF, for a payment of up to 10 lacs, TDS will be deducted at a rate of 10% in addition to it there is an education cess of 3% which takes the total deduction to 10.3%. For a fixed deposit of resident individual or HUF with payments equal to 10 lacs or more the TDS rate is 10%, in addition to it there is a surcharge of 10% and educational cess of 3% this takes the total deduction to 11.3%.
For corporate body. If the fixed deposit holder corporate body, for a payment of up to 1 crore TDS will be deducted at a rate of 20% plus an education cess of 3% which takes the total deduction to 20.6%. For a fixed deposit of corporate body with payments equal to 1 crore or more the TDS rate is 20% in addition to it there is a surcharge of 10% and educational cess of 3% this takes the total deduction to 22.6%
RE:Writer need to increase her knowledge
by Balasubramaniam R on Aug 06, 2008 01:18 PM Permalink
TDS may be 10% but an individual in 30% bracket will have to pay extra ie the difference before the yr end as self assessment tax.
RE:Writer need to increase her knowledge
by hjkhkjk hjkhhkj on Aug 06, 2008 01:25 PM Permalink
the author is talking abt actual tax rate on income from interest. it doesn't matter what is the tds rate. you have to pay tax at applicable slab as per your total income. the author is right. - more moderation is required in the language that you use. just because u have right to comment, does not essentially mean you can use any language - Aditya
