Who bears the TDS on Interest in case of Joint Account Holders

You may have a joint bank account or have money invested in Fixed Deposits in joint names. In such a case against whose PAN shall the Interest on TDS get deducted?

In case of joint accounts or joint FD holders – it is the first account holder against whose PAN TDS is deducted.

TDS deductions start when you cross Rs 10,000 in interest income.

Remember to quote your PAN details to the Bank – without which they will deduct TDS @ 20%.

Do you want to know about Form 15G and Form 15H?

Also what to do when banks deduct excess TDS?

Do reach out to us if you have any questions!

 

 

Comments are closed.