I was filing income tax online. I came across tax deducted on my fixed deposit:
Tax on 2nd FD seems to be correctly deducted at 10%: 78/777 = 10%
But it seems that tax on 1st FD is deducted at 14%: 14.25%
Why is that?
My income is below 5L INR.
But it seems that tax on 1st FD is deducted at 14%: 14.25% Why is that?
Generally it should be 10%. However at times either due to broken period where the Interest is paid in one year but taxes are deposited in other year; there could be a discrepancy in the reporting dates. It is best to consult the "Tax Deduction Certificate" issued by your Bank that will show when the interest was accrued, when the tax was deducted and deposited.