Aditya Maheshwari's Expert Profile

Queries Replied : 9425

I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

My motto in life is "Prepare for the worst and expect the best"

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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kasturi says :
Sirs, Can anybody tell me within how many days interim dividend amount which is declared to be deposited in the seperate bank account.I am confused whether it is within 5 working days or within 5 days to be deposited.

CA.G.Muguntha Narayanan says : Dear Sir
Suppose a trust receives debenture interest. TDS to be done by the deductor. As per rule 37BA, (2) (i) If the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, credit for tax deducted at source shall be given to the other person in cases where— (a) the income of the deductee is included in the total income of another person under the provisions of section 60, section 61, section 64, section 93 or section 94; (b) the income of a deductee being an association of persons or a trust is assessable in the hands of members of the association of persons, or in the hands of trustees, as the case may be; In my case, the interest is distributed to the beneficiaries. Hence, the amounts are taxable in the hands of beneficiary. So TDS must be done in the names of beneficary( as per section 166) But can we invoke the procedures of rule 37BA