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How to fix TDS error in early FD closure?
Mint Kolkata
|August 11, 2025
I started a two-year FD in January at a 9% interest. On 31 March, the bank calculated the interest earned/accrued at 9% for three months and charged tax deducted at source (TDS).
The annual information statement (26AS) shows the interest income of 9% over three months and demands tax on it. However, I broke this FD in May and the bank recalculated the interest income for the period January to May at 5% on account of premature withdrawal.
Now, in ITR/AIS/26AS, the income reflects the amount earned at 9% against the actual 5%. What will happen in this case? Should I pay tax on the amount calculated at 9% or the actual 5%? And if 5%, how should I get the TDS certificate rectified? What happens to TDS as the interest income will be higher than real earnings?
—Name withheld on request
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