Interest earned from Recurring Deposit also subject to TDS

2 comments Monday, March 2, 2015
The Finance Bill, 2015 has proposed to amend section 194-A of Income Tax Act, 1961 so as to levy TDS on recurring deposits as well. It is notable here that earlier TDS was applicable only on the interest earned in Fixed Deposits with the banks. Now interest earned from Recurring deposits will also be subject to TDS.
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Proposed Amendments in TDS/TCS provisions-Budget, 2015

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The Finance Bill, 2015 proposes to rationalize the provisions of TDS and TCS under the IT Act. As such, the key proposals seek to bring parity between the TDS and TCS machinery provisions, resolve the uncertaintysurrounding taxation of interest payments by cooperative banks to members, strengthen TDS provisions relating to salary income and extend reporting requirements under section 195(6) of the IT Act to payments that are not chargeable to income tax.
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Investment in Sukanya Samriddhi account also eligible for deduction u/s 80C

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I. Introduction
In exercise of powers available under Section 80C(2)(viii) of the Income-tax Act, 1961 ("the Act"), the Central Government had notified a scheme known as "SukanyaSamridhi Account Scheme" videNotification No. G.S.R. 863(E) dated 02-12-2014.

Under the scheme, an amount deposited as per the provisions of the scheme was eligible for deduction under section 80C and the interest earned on the scheme was taxable.
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