Is the TDS deductible on the amount of interest paid by the partnership firm to the partner?

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• Is the TDS deductible on the amount of interest paid by the Co-operative society to its members or other co-operative societies?

  No. Section 194A has exempted specifically such payments from the TDS liability.

• TDS

  TDS means any tax is deducted on your income/ receipts. You can find these details in Form 26AS. By uploading Form 26AS these data will be automatically filled up. TAN(Tax deduction and Collection account number)= You will get this at the form 16 or ...

• I am having bank accounts in different branches of the same bank. The interest amount in any one of the branches does not exceed Rs. 10000. Is the TDS deductible from the amount of interest income?

  As per section 194A of the Act, the core banking solutions of the banks and societies have to be taken into account for considering whether the TDS has to be applied or not.

• Is there a TDS on Fixed Deposit/Recurring Deposit income?

  Yes, if the amount of interest accrued or paid during the financial year exceeds Rs.10,000/-, TDS is applicable from the first interest flow.

• How is the interest paid on NSC?

  The interest on NSC is accrued yearly. But is paid out only at the time of maturity. You can reinvest the interest back into the scheme.