Sir,
Can u tell me pls how to compute tax on interest earned for SBI MOD salaried accounts and how to pay due tax if tax slab is 20%?
2 Answers
Hi,
What is SBI's Multi Deposit Scheme (MOD)?
Once money has been invested in a fixed deposit, it is pretty much inaccessible to the depositor, unless they go in for a premature withdrawal. But what happens if the need is great but not too big in terms of the amount needed. Would it really make sense to break a big deposit for a few thousand rupees? This is the ideal situation that a MOD, or a Multi Option Deposit, is meant to handle. This deposits is actually linked to a savings account and this helps because in case the depositor issues a cheque for an amount that is not present in the savings account, the balance is withdrawn from the FD and paid. The depositor also gets the option to withdraw amounts in multiples of Rs. 1,000 through ATMs. (Source : Bankbazaar)
You can get interest credited details through your banker or you may check your bank statement.
You can pay taxes online through your bank account.
Suggested reading :
https://www.relakhs.com/income-tax-demand-notice-pay-online-section-143/
I m in 20 % slab.. If I have to pay remaining 10%( 10% deducted by bank) tax on fd interest under tax on regular basis or under self assesment tax.
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