TDS without reducing value of FD
This query is : Resolved
16 October 2009
I have a fixed deposit in a bank for 5 yrs. on interest compound rate. now every year the bank is deducting TDS resulting into cumulative loss of interest on the tds amount.15G form is not applicable in the case.
IS IT POSSIBLE if I deposit cash or cheque for the TDS amount to the bank and in turn without effecting the value of fixed deposit the bank deduct the tds then there will be saving of interest which the bank used to deduct in the name of tds.
Please clearify me with full detail.
IS IT POSSIBLE if I deposit cash or cheque for the TDS amount to the bank and in turn without effecting the value of fixed deposit the bank deduct the tds then there will be saving of interest which the bank used to deduct in the name of tds.
Please clearify me with full detail.
16 October 2009
Hi Garima,
Tax is to be deducted at sources for payment/credit by deductor and deductor has to deposit the TDS also.
Now a receipient can't ask the deductor to take TDS from him withour reducing the payment.
What u cn do you can have a savings a/c in that branch and TDS can be charged to ur SB A/C.
Morover interest is also taxable in your hand in every year and not after 5 years on maturity.
In case of any confusion please inform.
Thanks
Sanjay.
Tax is to be deducted at sources for payment/credit by deductor and deductor has to deposit the TDS also.
Now a receipient can't ask the deductor to take TDS from him withour reducing the payment.
What u cn do you can have a savings a/c in that branch and TDS can be charged to ur SB A/C.
Morover interest is also taxable in your hand in every year and not after 5 years on maturity.
In case of any confusion please inform.
Thanks
Sanjay.
16 October 2009
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