Sir, i work in a government undertaking company where government has funded us ₹ 1 crore which we have kept in our Savings account of our company and we have got around ₹ 15 lakhs (quarterly) interest on it as per bank statement, now as we have checked Forms 26 AS we found that no TDS has been deducted on interest received (₹ 15 lakh)
Now, i wants to know that who will be liable for the penalty and interest for the mistake weather we can defand ourselves for the mistake. or there is any provision that no TDS, is deducted for government grants. please explain it. clearly Thank you
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BANK HAS NOT DEDUCTED TDS ON INTERST PAID OF ₹15 lakhs
Replies (4)
Generally bank deduct Tds on fixed deposits and other term deposits..
But your question is not reasonable since no bank give 60% interest on savings account..
15lacs*4/1crore..
If bank has not deducted Tds then you must pay tax at the time of filing ITR
But your question is not reasonable since no bank give 60% interest on savings account..
15lacs*4/1crore..
If bank has not deducted Tds then you must pay tax at the time of filing ITR
No TDS is applicable on Interest on Bank 's Saving Interest (SEC 194A)
Tax has to be paid on savings bank account also.
Since 80TTA is restricted with less deduction, where as interest is more than the limit.
So pay tax while filing ITR
Since 80TTA is restricted with less deduction, where as interest is more than the limit.
So pay tax while filing ITR
Thank you for your time and help.. everyone.
ESWAR sir i have wrongly typed the government grant as ₹ 1 cr. its ₹ 99.00 cr.
ESWAR sir i have wrongly typed the government grant as ₹ 1 cr. its ₹ 99.00 cr.
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