Tds on fixed deposite by educational institute
This query is : Resolved
14 April 2015
educational institute received government grant . educational institute make fixed deposit in the bank can bank cuts tds on this amount as this amount received by government. what the exact treatment for the tds on fixed deposite
CA PARAS BAFNA
(Expert)
14 April 2015
In my view, the bank can not deduct tax on Fixed Deposit amount itself. It can deduct Tax on the interest payable on the FDR.The TDS so deducted can be adjusted against the tax liability,if there be any, or can be claimed as refund by filing the ITR.
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
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Closer of business and itc of capital goods
- Appointment of Auditor By Form ADT-1
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- TDS Return Statement Status
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
