Tds on bank term deposits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2015
AN ASSESSEE HAVING DEPOSIT IN TWO BRANCHES OF SAME BANK IN SAME CITY INTEREST RECEIPTS DURING THE YEAR IN FIRST BRANCH RS.7250 AND IN SECOND BRANCH RS.3800 TOTALLING RS. 11050 IS TDS DEDUCTIBLE ON THE WHOLE AMOUNT OR NO TDS DEDUCTIBLE ON SUCH AMOUNT ON THE GROUND THAT EACH BRANCH HAVE SEPERATE TAN NO AND EACH BRANCH HAVE PAID INTEREST BELOW RS.10000. (aSST YEAR 2016-17)
08 April 2015
Since all banks are having Core Banking System(CBS), all the customers having accounts at different branches should be linked with Customer ID. Hence, TDS is applicable here.
earlier, it was difficult for banks to identify a bank account of same customer located at different branches, they had an excuse. Now it is mandatory for the banks to do TDS on the grounds mentioned above.
earlier, it was difficult for banks to identify a bank account of same customer located at different branches, they had an excuse. Now it is mandatory for the banks to do TDS on the grounds mentioned above.
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