Tds on interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 One of my friend has taken loan for some purpose, and did not used that money for next two months. this amount of loan was credited to his saving account on which he received saving interest on which tax was deducted by bank.
I want to know whether this action done by bank is correct or not? is he liable to pay tax on this interest or not.?
Is there any remedy available so that my friend does not have to pay tax on such interest.?
Please advice me..thanks in advance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 August 2013 there cannot be deduction of tax on saving bank a/c.

is it tds on fdr int?

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 NO. its not on fdr intt.
saving interest is more than 10000 so tds is deducted on the same

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 August 2013 in such case ask fior tds certificate in form 16A from the bank and if there is no other taxable income file itr applicable and claim refund in it.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 so, u mean he is not liable for the same and he can claim refund.
Am i rgt.?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 August 2013 yes if you dont have any other income taxable beyound the basic exemption limit of rs 2,00,000.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2013 Ok..thank u Tushar sir.

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