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Banking & Fixed Deposits

TDS on Fixed Deposit (FD) & Form 15G/15H Calculator

Find out if your bank will deduct 10% TDS from your Fixed Deposit interest earnings. Check your Section 194A exemption limits and verify if you qualify to submit Form 15G or 15H to prevent deductions.

Deposit & Investor Details

Used to evaluate Form 15G / 15H eligibility for zero tax deduction.

TDS Deduction Summary

Total TDS Deducted at Source: ₹ 6,000 10% TDS Applicable (Exceeds ₹40,000 threshold)
Annual Interest Earned ₹ 60,000
Net Interest Deposited ₹ 54,000
Threshold Exemption ₹ 40,000
Form 15G/15H Eligible? Eligible (Save ₹6,000)
Pro-Tip: Because your total annual income is below the taxable threshold (₹3 Lakhs), you can submit Form 15G to your bank branches in April to stop TDS deductions completely.

Section 194A Fixed Deposit TDS Rules Explained

Under Section 194A of the Income Tax Act, banks must deduct TDS when total interest on fixed and recurring deposits in a single financial year exceeds ₹40,000 for individuals or ₹50,000 for senior citizens (under Section 80TTB). Crucially, TDS is merely an advance withholding tax; your total FD interest remains fully taxable in accordance with your personal income tax slab bracket when you file your annual ITR.

📊 Statutory & Mathematical Analysis Matrix

Statutory Component / Legal Deduction Item Calculated Amount (USD)
Primary Net / Statutory Payable Amount 0.00
MS

Engr. Muhammad Shahzad

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