what is TDS.? what is 15g form and value of pan card in bank.?

TDS is tax deduction at source.

You have to pay tax for any interest earned in FD! That's why bank is deducting money on monthly basis.

To give bit of insight. If you earn interest from savings account, it is not taxable up to 10,000 for this financial year (hopefully in future also).

but earnings from fixed deposit comes under tax bracket. If you have submitted form 15g, banks will not deduct tax from that month. But earlier deductions cannot be roll-backed.

Tax deduction rate in your case is about 20% as you didnt submit PAN card.

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Basically its 10% if PAN submitted but not form 15g, 20% if no PAN, 0% if 15g and PAN are submitted.

Please note that submitting 15g and PAN doesn't mean that you should not pay tax! 15g states that, bank need not to deduct tax and I will take responsibility to pay taxes.

interest from FD must be shown as income from other sources in income tax calculation and same is taxable according to tax bracket you fit into!.

because of the fact the pastime is decrease than Rs.10,000 according to financial 365 days, there heavily is not any tax deduction in case you place up PAN huge form to the financial enterprise. So on the instant placed up PAN huge form to the financial enterprise. in case you do no longer placed up your PAN information on your financial enterprise, they are going to pass on deducting 20% TDS on the pastime (385 much less 20.6%=306/-). in case you place up PAN, then they gained't deduct any TDS on the pastime. variety 15G is in simple terms for people who're getting better than Rs.10,000 pastime according to financial 365 days.

What Is 15g