26 November 2014
Please advise me, if a college has a fixed deposit of Rs. 500000 in a bank for 5 years and bank has been deducted TDS on it Whether the TDS amount will be refunded fully or not
27 November 2014
The interest is taxable under the head " Income from other sources". What about the business income and other heads of income? Generally, many educational institutions are registered as Non-Profit Organization.If that is the case,the income from business would be NIL. If the College does not have any other income and the total income is below the taxable limits, the TDS can be refunded.
27 November 2014
it is depend on the income tax on the college income. if the college are running under trust or edu. society then tax will exempt otherwise you to pay tax after deducting the TDS amount.
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