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Is TDS deductible on the interest earned on Savings Account?

April 26, 2017deductible earned savings account TDS

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Is TDS deductible on the interest earned on Savings Account?

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No TDS is applicable on interest earned on Savings Accounts and Recurring Deposits. In case of interest on Money Multiplier Accounts/Fixed Deposits (FD), no TDS is applicable on interest earned upto Rs.5000/- under section 194A of the Income Tax Act.