As per the Income Tax Act of 1961, financial institutions like Bajaj Finance must deduct TDS if the interest income of customers investing in FDs exceeds Rs. 40,000 in a financial year (this limit is ...

Ideally, these forms should be submitted before the start of the financial year for which TDS is to be deducted or before the first income payment which is subject to TDS. (Image: Reuters) Question: ...

You can stop banks from deducting TDS on your fixed deposit interest—if your total income is below the taxable limit. Banks usually deduct 10% tax (TDS) if your FD interest is more than Rs 40,000 in a ...