Regarding: tax on tds
This query is : Resolved
31 July 2013
Glad to get a reply on TAX on TDS.
I understand TDS means TAX Deducted at Source. If Senior Citizen's give 15H form TDS may not get deducted.All FD's it has become mandatory to cut TDS.
What happens to the timely amount of TDS deducted from the employees /depositors. I want to know whether it remains with source company / bank or it goes to government treasury.
According to me it remains as a bonus to the source company or tax department since no interest is paid on that amount by either of them and TAX liability does not exempt it for TAX calculation and Tax payers end up paying Tax on an amount they have not received.
I understand TDS means TAX Deducted at Source. If Senior Citizen's give 15H form TDS may not get deducted.All FD's it has become mandatory to cut TDS.
What happens to the timely amount of TDS deducted from the employees /depositors. I want to know whether it remains with source company / bank or it goes to government treasury.
According to me it remains as a bonus to the source company or tax department since no interest is paid on that amount by either of them and TAX liability does not exempt it for TAX calculation and Tax payers end up paying Tax on an amount they have not received.
31 July 2013
As far as form 15H is concern, now it is mandatory for banking institution to issue acknowledgement for receiving form 15H. It means if you have submitted the 15H and received acknowledgement of same but bank deduct tds on fd's even after receiving 15H, you may take action against bank.
TDS deducted by company/any person will have to remitted to Government. As far as interest on TDS is concern, you will not get interest on TDS.
Once you file the return and you have refund due, then you will get interest @ 6% p.a. from the date of filling of return to the date of refund.
TDS deducted by company/any person will have to remitted to Government. As far as interest on TDS is concern, you will not get interest on TDS.
Once you file the return and you have refund due, then you will get interest @ 6% p.a. from the date of filling of return to the date of refund.
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