Tds on interest of tax refund
This query is : Resolved
28 May 2012
Our client registered in Sales Tax Deptt. and after assessment of 2009-10 he received Sales Tax Refund Rs. 300000 in the year 2011-12. After some time he received Interest on Sales tax refund Rs. 35000. But the Sales Tax Deptt. deduct TDS on Interest Refund.
Can the govt. liable for Deduct the TDS. If yes Which section considered and what limit of Interest Amount for TDS Liability??
Can the govt. liable for Deduct the TDS. If yes Which section considered and what limit of Interest Amount for TDS Liability??
29 May 2012
TDS on interest is deducted u/s 194A. The limit is Rs. 10,000 per annum.
29 May 2012
Ok
But sir my other client received refund of 2009-10 Rs.65000 in 2011-12 and he received also Interest on Refund about Rs.6300 after deduct TDS. Can applicable Sec.194A
But sir my other client received refund of 2009-10 Rs.65000 in 2011-12 and he received also Interest on Refund about Rs.6300 after deduct TDS. Can applicable Sec.194A
29 May 2012
Sorry made a little mistake. Limit of Rs. 10,000 is when interest is received from a bank.
For interest from any other person, the limit is Rs. 5,000.
For interest from any other person, the limit is Rs. 5,000.
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