Help please....

Karnataka High Court reads down section 206AA to make it inapplicable to persons whose income is below taxable limit. As per Sec. 206AA every person who wishes to have a transaction in bank/FIs including small investors/ depositors (i.e. investors/ depositors with income below taxable limit) has tofurnish its PAN. This is in contradistincti on to section 139A according towhich such persons need not have a PAN, if his total income is below taxable limit. The HC in this regard lays down as follows: a) Sec. 206AA hinders anddiscourages such small investors from coming forward to invest their money for secured reasons and their secured future which is not desirable for country's economy; b) Sec. 206AA is unreasonable as it invalidates Form 15G which does not mention PAN; c) Sec. 206AA which overrides section 139A is discriminatory against small investors; and d) Sec. 139A has withstood scrutiny of Article 14 of the Constitution for reasonableness. Considering above the High Court made section 206AA inapplicable to persons having incomes below taxable limits. It is further held that Banks and FIs not to insist on PAN for opening of accounts of below taxablelimit income-earners - SMT. A. KOWSALYA BAI v.UNION OF INDIA [2012] 22 TAXMANN.COM157 (KARNATAKA)

as per sec.-194a no tax shall be deducted at source if during the financial yr. interest payable on FD by the payer to payee does not exceed rs10000. in case of interst payable by banking co. such limit shall be computed with refernce to branch .As per sec-197 recipient applies to the AO in form 13 and get a certificate authorizing the payer to deduct tax at lower rate or deduct no tax . no tds shall be made ,such person furnishes to the payer a declearation in writing in duplicate in form 15g note -application does contain the PAN no.of the applicant

@ Renu, Thanks dear for providing form 60, and yes, I will sure collect  it from Bank,

@ Rahul, thank god, eisa kuch achha news hein hamare laws mein.., I think, I have to talk to bank manager, regd this, and cant leave this issue, until he says 'Yes..No TDS will be deducted",

@ Abhishek, Thanks a lot for giving more info.. regd TDS,

 

 

Option No1 you can make the fd upto interest less than 10,000 with the branch in your cust ID and you can maintained the balance amount with some other people of your family or some other branch/bank

 

Option 2 issue of Form15g/h but form 60 not acceptable for TDS deduction from FD only form 15g for others and 15h for sr citizen and for that also PAN is mandatory now without PAN you should opt option no1 only there is no wayfor getting full credit

Originally posted by : S.ASWATH
	Option No1 you can make the fd upto interest less than 10,000 with the branch in your cust ID and you can maintained the balance amount with some other people of your family or some other branch/bank   Option 2 issue of Form15g/h but form 60 not acceptable for TDS deduction from FD only form 15g for others and 15h for sr citizen and for that also PAN is mandatory now without PAN you should opt option no1 only there is no wayfor getting full credit	agreed

 

Hello,

I  just want to know about cost audit report (Form-1) and compliance report (Form-A) filling.

And now it is made mandatory by MCA to file it in XBRL format.

So, can anyone tell me the necessary steps to file this and also i want to know where i can get  Form-1 and Form-A online.

Regards,

Arun

U can make fd by deposited Cheque in same bake or other no need for cash

 

Yogesh Kumar