Hi,
My bank has only dedcuted tax not education cess on income from intrest.
Do i need to deposit education cess or bank will be held responsible?
Please guid me. If i need to depsoit under which section i need to deposit.
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Education cess not deducted on intrest income
Replies (3)
Dear Vandana,
Bank has acted correctly. At tax deduction stage only 10% is deductible not 10.3%. You pay balance 0.3% as self assesment / advance tax before ITR filing.
Regards,
Hi bank has been deducted tds amount only & you only liable for cess at that time self assessing your tax liablility at the year end
Bank has right to deduct TDS only at 10%. when you will file your Income tax return education cess will be charge on Balance tax amount. you can deposit tax and cess with form no. 280
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