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TDS deduction for FD
If a section 12A registered trust holds a fixed deposit, then it is not mandatory for the bank to deduct TDS even though the interest income is greater than 10,000 rupees?
Replies (1)
bank will deduct tds because not all the income of charitable trust are exempt
charitable trust reg under 12aa are alowed adhoc deductution under sec 11 of gross receipt nd 85% if applied
so tax calculation shall arise if it is not applied for a trust therfore tds shoud be deducted.
charitable trust reg under 12aa are alowed adhoc deductution under sec 11 of gross receipt nd 85% if applied
so tax calculation shall arise if it is not applied for a trust therfore tds shoud be deducted.
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