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Tds on public deposits.

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(Querist)
04 June 2014 Experts
In case of premature Deposits the interest rate become simple interest rate as per company act 1956, reduced by 1% of original rate , how to deal with tds in such cases as it is deposited by company in every quater??
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 June 2014 You can adjust the amount of Tax to be deducted on the basis of actual interest being paid in the quarter corresponding to the date of payment.
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If you have already deducted TDS on the interest on the basis of full rate, then take care of the amount recoverable on this
account. Recover the same from the depositor while making the payment.
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