Budget 2015-16: TDS introduced for RDs Interest...
You might not have heard this in the budget 2015-16 speech, but now the Tax Deducted at Source (TDS) will be cut even for the
recurring deposits. (RDs)
Till now for so many years, TDS was deducted only in case of fixed deposit
(FD), and not in case of RDs.
But now this has changed. While it is not a big issue, but anyways you need
to pay the income tax on RD interest earned, even if TDS is not deducted.
An amendment will happen in the definition of “Term / or Time Deposit”
under sec 194A and recurring deposits will come under TDS.
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