When Does a Bank Issue TDS Certificate for a Fixed Deposit?

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    Each time a TDS is deducted on your fixed deposits, banks will issue a TDS certificate clearly showing the interest amount on the fixed deposit and the tax deducted thereof. In case your interest income on a bank deposit crosses Rs 10,000, there would be a tax liability unless you submit form 15G or 15H as the case maybe.

     When Does a Bank Issue TDS Certificate for a Fixed Deposit?
    As per Rule 31 of the Income Tax Rules, 1962 the Bank is required to issue TDS Certificate in Form 16A on quarterly basis within fifteen days from the due date for furnishing the statement of tax deducted at source. The due date for issue of TDS Certificate is given below:

    1) For the quarter ending June 30, the bank has to issue due date before July 30.
    2) For the quarter ending Sept 30, the bank has to issue a TDS certificate on or before Oct 30.
    3) For the quarter ending Dec 31, the bank has to issue a TDS certificate before Jan 30, 2014.
    4) For the quarter ending Jan 30, the bank has to issue a TDS certificate before May 30.

    Further, the Banks are mandatorily required to issue quarterly TDS certificates (Form 16A) generated through TDS Reconciliation Analysis and Correction Enabling System (TRACES). TRACES generates TDS certificates based on PAN of customer. Thus, a consolidated TDS certificate for TDS deducted in all branches of IDBI Bank will be generated.

    What To Do if You Have Not Received Your TDS Certificate?

    In case you have not received your TDS Certificate it is best to contact your bank. Banks are required to hand-over your TDS certificate. These days however, most investors can view their TDS deducted through the TRACES, where your form 26AS would show.

    However, in case you are not viewing the online process you can insist on your TDS certificate. This will help a better reconciliation of your taxes paid and the tax liability arising thereof. It would help you determine your exact interest income and help you to pay taxes thereof.


    Read more about: tds fixed deposits
    Story first published: Wednesday, December 24, 2014, 11:21 [IST]
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