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Tds deduction for government authority

TDS 1332 views 8 replies

Sir, Shall Bank deduct TDS on Interest on FD on Government Authority? If not, then what we can do if Bank Deduct TDS? I think Government Authority is come under section 10(23)(d) of income tax act, so bank should not deduct TDS. Please give your opinion on that.

Thank You

Replies (8)

You are right.

Simply refund the aamount to that authority.

can anyone provide me with the latest updates in direct tax and indirect tax?????

 

Thank You Ram Babu But how we can refund that amount?

If the Bank has deducted TDS by mistake but deposited the same to the government, the amount of such TDS will automatically get credited to that Govt Authority A/c and that authority will get refund at teh time of assessment.

If that Govt. authority does not have PAN No. there is no  of Assessment. Then How will he get refund. (say railway authority. Board of Education etc.etc.)

In that case, they will have to refund the amount to that government authority directly. 

Who has to approach ? authority.

Is it the bank with wht authority.

If the govt. Dept. How.

Explain the practical modus operandi.

Sir / Madam,

          They have a pan and furnished to the bank. And Bank also know that it is gov. authority? Then which way we get refund?


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