TDS ON BANK DEPOSITS
This query is : Resolved
06 July 2008
PLEASE CLARIFY THE FOLLOWING
IS THERE ANY UPPER CIELING BEYOND WHICH TDS HAS TO BE DEDUCTED ON INTEREST EARNED ON DEPOSITS?
I.E., TO BE MORE SPECIFIC, IF A PERSON SUBMITS EITHER 15H OR 15G AND HIS INCOME FROM INTEREST IS BEYOND TAXABLE LIMIT, EVENTHOUGH HE HAS SUBMITTED 15H OR 15G, WHETHER THE BANK HAS TO DEDUCT TDS OR NOT? PLEASE CLARIFY ME ABOUT THIS.
IS THERE ANY UPPER CIELING BEYOND WHICH TDS HAS TO BE DEDUCTED ON INTEREST EARNED ON DEPOSITS?
I.E., TO BE MORE SPECIFIC, IF A PERSON SUBMITS EITHER 15H OR 15G AND HIS INCOME FROM INTEREST IS BEYOND TAXABLE LIMIT, EVENTHOUGH HE HAS SUBMITTED 15H OR 15G, WHETHER THE BANK HAS TO DEDUCT TDS OR NOT? PLEASE CLARIFY ME ABOUT THIS.
07 July 2008
1.yes there is an upper ceiling of Rs.5000 in general and Rs.10000 for specific persons such as Banks.
2.If a person submits submit 15G or 15H then bank need not deduct TDS even if his/her income exceeds taxable limit.prima facie 15G or 15H is a declaration made by individual for which bank cannot be made liable.
2.If a person submits submit 15G or 15H then bank need not deduct TDS even if his/her income exceeds taxable limit.prima facie 15G or 15H is a declaration made by individual for which bank cannot be made liable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Bank Accounts in Balance Sheet for ITR 3
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Annual return of gst limit
- Bank accounts of Non resident
- ESIC- Employee Registration
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
