AISURYA MOHANTY (manager) (52 Points)
16 August 2014Dear Sir,/Madam,
A Depositor had some fixed deposits amounting Rs.800000/. for 3 Years.In the mean time the Depositorr has died.In this fixed deposit his Mother is the Nominee.At the time of Death case settlement Who is Liable to pay TDS.Whether the Nominee or Deceased person as per Income Tax Rule.???
Please clarify
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 16 August 2014
NAVEESH DHAR
(ADVOCATE- TAXATION ADVISOR)
(427 Points)
Replied 17 August 2014
The bank is liable to deduct the tax (i.e. TDS on intt.) for deceased depositor only upto the date of his death, thereafter the tax on Intt.(i.e. TDS) is to be deducted in the name of Nominee.
VIKAS BHATNAGAR
(CA,CS)
(87 Points)
Replied 18 August 2014
Agreed with Mr Navish.
upto the date of death, TDS will be deducted under deceased PAN.
And Thereafter, in the name of nominee.
CAclubindia
