sunit123
TF Premier
I received this info from a senior bank employee. I didn't shared in OP but someone asked so i shared. You may take it or leave it based on your wisdom.
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Credit Card Bill Payment through UPI
- Thread starter sunit123
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praful47
TF Ace
paxauquabriba-4876
TF Premier
if a citizen wants to keep his financial affairs private & in order within the limits of law then so be it
prevention is better than cure as OP is prioritising life vs dealing with itd in case of false positives due to automation.
people using tax exemptions doesn't equate to tax evasion.
prevention is better than cure as OP is prioritising life vs dealing with itd in case of false positives due to automation.
people using tax exemptions doesn't equate to tax evasion.
Ak Singh
TF Ace
SBI CC ka UPI I'd kya hai for paying cc bill?
And NEFT se bhi ker skte hai kya so AIS me report na ho?
praful47
TF Ace
Karma is a bitch
Your post says, you don't know much about how reporting works. Who said FD made without cash deposit won't be reported. Arrey bhai income from any source is reported. Your FD generates Interest income and it is reported no matter how your create it. You think by transferring funds online and then creating FD, you/your mother's income won't be reported? Don't banks have PAN card linked? Income is reported as per PAN. From where funds came doesn't matter until you get a notice to show how this FD was funded. It that case you can just show source and that's it.
Anyways, as per rules, if in a same bank (throughout India), a customer is earning Rs.40K interest (50K in case of Senior Citizens) in a Financial Year, banks have to report it in 26AS as TDS is deducted on interest more than 40K/50K in a year on Term Deposits. If you have submitted form 15G/15H with the bank, TDS will not be deducted but Interest Income will be reported in form 26AS at Traces portal with TDS as ZERO.
Now AIS fetches same data from form 26AS and furnish it. Banks have obligation as per laws and they report it according to PAN card linked with the Customer ID. Same way savings interest is reported in AIS with PAN. Savings is not reported in 26AS because there is no law to deduct TDS on savings interest.
If your interest income or in your mother account is less than 40K/50K, TDS won't be deducted and also you need not to submot 15G/15H but it will be reported in AIS.
Ak Singh
TF Ace
It is applicable for cumulative interest for all savings banks ac na? Or only same bank 40k will be reported?
Savings Bank account interest is different. The Term Deposit Account aka FD is different having its own account number. Savings account interest above 10K is taxable but if your whole taxability is zero you won't pay any tax. The deduction is allowed only in old regime not new one.
Savings interest is reported even if it is Rs.1 by banks and for all accounts within a bank across India.
40K or 50K (in case of Senior Citizen) is for FD interest only. The thing that matter here is below 40K/50K, TDS of 10% won't be deducted. Above this mark, you will need to have TDS deducted and if your income is below taxability of 5L (old regime) and 7L (new regime), you are eligible to submit form 15G/15H which has to be submitted every financial year and only once per Customer ID. You can have 5 or 10 Fixed Deposits in a Customer ID and for all of these only one 15G/15H will be applicable in case you don't want TDS to be deducted.
Let me clarify with an example:
1. You have 2 Account(s) in SBI (One in Home City and Other somehwere else).
Your Savings Account Interest from both accounts in FY 24-25 = Rs.1500 and Rs.1000. Total- Rs.2500
You have three FDs of 1 Lakh each at 7.10% interest and you made these in April itself.
Your FD interest: Estimated: Rs.7400x3= Rs. 22200.
No TDS will be applicable on FD as it is under 40K. But these are part of you income and 2500+22200 will be considered while calculating your tax liability.
So in whole SBI (across India) your FD interest is below 40K now.
2. You have one account with HDFC.
Savings Acc Interest from HDFC for FY 2024-25: Rs. 3000
You have two FDs wiht HDFC (don't matter whether from same savings account or made on standalone basis at branch) of Rs.5 Lakh each with 7.3% interest and made in April itself.
Total Interest: Rs. 33668x2 = Total = Rs. 67336 (more than 40K mark). So a TDS of Rs.6734 will be deducted by HDFC and deposited to department as per quoting your PAN and it will be visible in 26AS and this will be deducted on quarterly basis on deposited per quarter. If no PAN is available in account or Cust ID, a flat 20% TDS will be deducted but it won't be deposited as per your PAN because it was not available. You can claim this TDS by furnishing PAN to bank and then ask them to file TDS correction form from their end so that this 20% is visible in your 26AS according to PAN.
But if you submitted Form 15G (or 15H in case of senior citizens), TDS of 10% won't be deducted but you should make sure your income tax will be Nil for this FY.
All these will be reported in AIS separately.
Your Total Savings Income for FY 24-25= 1500+1000+3000 = Rs.5500
Your Total FD income: Rs. 22200 + 33668 + 33668 = 89536.
As SBI interest was less than 40K, no TDS. HDFC (if no form 15G attached) will deduct Rs.6734. So it is per bank based.
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I read reports that POSB interest is not taxable upto Rs. 3500/- even in the new regime. Is that correct? And if so, how to claim that deduction in ITR? AIS reports this interest.
Do HDFC really shortchange their customers like that ?! 🙂
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Abhishek012
TF Pioneer
- To pay ICICI Bank Credit Card bill simply send money : CCPAY.<16_digit_card_number>@ICICI eg: CCPAY.6528550026779009@ICICI
- To pay Axis Bank Credit Card bill simply send money : CC.91<registered_mobile_no><last_4_digit_of_cc>@AXISBANK eg: CC9198765432109876@AXISBANK
- SBI Card : SBICARD.<16_digit_card_number>@SBI eg: SBICARD.4345667899079843@SBI
- IDFC Bank : <16_digit_card_number>.CC@IDFCBANK eg: 4345667899079843.CC@IDFCBANK
- AU SFB : AUCC<registered_mobile_no><last_4_digit_of_cc>@AUBANK eg: AUCC9198765432109876@AUBANK
- American Express : AEBC<15_digit_card_number>@SC eg: AEBC375567788656743@SC
POSB savings interest is not taxable upto Rs.3500 for single account and Rs.7000 for joint account. You can deduct this amount from your total income and put it under EEE i.e Exempt, Exempt, Exempt section in ITR. The section for it, is 10(15)(i).
Thing is if a person is having income from savings + FD interest, it can rarely be above Rs.5 Lakh or 7 Lakh in a year. It is only income from salary or pension that makes it taxable because tax is on total income.
Didn't get what you are trying to say about HDFC. Shortchange? If the word is short charge then I reaffirm here that 10% TDS is not on total savings+fd interest. So in my example: Tax deduction should be 10% of 67336+3000= Rs.7034 but it is not as savings has no TDS rule and only FD has TDS deductions.
Take example: Last year my FD interest income was well above 1L in PNB (not disclosing actual due to concerns) and there was a savings interest of Rs.12431 (real one). They deducted Rs.10K TDS (10% of total FD interest) only. As far as I know, no bank deducts TDS on savings account interest. I can't fill 15G as my net income is always taxable. So this form only for those whose tax liability is/will be Nil next year.
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Thanks for the confirmation and the information. I didn't know how and where to claim it. But didn't care because the amount was so little. Just reported it.
Only that, 7.3% on 10L would be Rs. 73000/-, and not 67336/- ! How did you come up with that number ?! 🙂
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TDS deduction every quarter. 🙂
Also FD interest is quarterly compunding so 7.3% is actually 7.502% or Rs.75020 on 10L investment. FD are not on simple interest. Every quarter TDS is deducted so overall reinvestment after quarterly interest on this amount will fall to 67336 by March 31st. I have excel ready for all this so just noted from there. haha
Yes, of course! Somehow quarterly compounding and TDS effects completely slipped my mind! Guess I was thinking of NSC calculations! 🙂
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PS: I was confused by the double TDS, as explained in a later post !
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Ak Singh
TF Ace
Bro for sbi card is not working..is something wrong in UPI I'd of sbi cc payment?
Abhishek012
TF Pioneer
Click on Pay by VPA (Virtual Payment Address). It should be Sbicard.16 digits of your credit card no@SBI e.g. Sbicard.4726420123456789@SBI
Source - https://www.sbicard.com/en/personal/pay.page
fageriaji
TF Ace
There is nothing like this. My brother is Scale III Manager in SBI and told that it's not true. So don't create panic between other members
I see now what got me confused earlier !
You said that 10% TDS of Rs. 6734/- would apply on the 67336/- FD interest income. That led me to think that the 67336/- interest was before TDS (and so, I talked about HDFC shortchanging), while that 67336/- had already accounted for the quarterly TDS, as you later explained!
Why would the Bank do the TDS twice?! 🙂
Also, since you had suggested application of TDS on the total annual interest, I thought that no compounding was involved, -- and so, quoted the simple annual interest figure of 73,000/-. 🙂
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Actually I was writing in rush due to long post, so whatever figures were there in front of me, I pasted. Normally 10L FD @7.3 RoI compunds at 7.5%. Rs.75000-10%= Rs.67500. But if tax in Nil you will get this 7500 back next year if 15G/H not present in bank cust ID.
My excel file with formulas has two different tables, one is without TDS and other one with TDS. So I took figure of <with TDS> after 4 quarters.
But I hpe you get the idea that anything above 40K/50K attracts TDS without 15G/H. If you fall under taxable limits like me, take this TDS as advance tax payment. 🙂
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