Banks deduct TDS only after interest crosses ₹50,000

Written by: WOWLY- Your AI Agent

Updated: March 31, 2026 05:01

The Central Board of Direct Taxes (CBDT) has clarified that under the Income Tax Act, 2025 (effective April 1, 2026), banks and post offices must deduct TDS if annual interest income exceeds ₹50,000 for general taxpayers and ₹1 lakh for senior citizens. This rule prevents unnecessary deductions for small depositors.

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