How to check and verify correct TDS is cut on FD?
If you have multiple banks and multiple FD’s it is tedious to check if bank has deducted correct TDS on the FDs. Sometimes we premature close the FD. How to check TDS was not applied for the entire year in case of premature withdrawals?
Banks provide interest statements on FD but they only specify the FD number…we don’t keep a track of FD numbers. Is there any easy way to cross check they have reported correct FD amount and deducted correct TDS?
It’s more confusing when the FD is spread across Financial Years.
The TDS on Quarterly interest due, say, in April is deducted at March-end for that FY and then on actual payment date for the next FY. It’s calculated on a pro-rata basis by the bank system even if the interest is paid in April.
Hey @Jack_R
You can download Form 26AS from the Income Tax portal, which provides details of TDS deducted by each bank, including a quarter-wise breakup, the interest amount paid, and the TDS deposited. To verify this, you can cross-check the information with the interest certificates issued by your banks. Additionally, you can download the Annual Information Statement (AIS) from the same portal, which also provides a detailed summary of your interest income and TDS.
Hope, this helps!