Is Interest on Bank Deposits of a Government Departments is liable for Income Tax / TDS ?
Tds on interest on deposits of government departments
T V GANESH (Manager) (51 Points)
08 October 2015
T V GANESH (Manager) (51 Points)
08 October 2015Is Interest on Bank Deposits of a Government Departments is liable for Income Tax / TDS ?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 08 October 2015
There is no specific exemption from TDS, unless the department procure an exemption letter from their juridictional Income Tax Commissioner, stating the grounds for exemption from TDS
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 09 October 2015
such Govt bodies have specific norms for deposit, they can not deposit everywhere, and to avoid such hassle they seek prior approval of commissioner, for non deduction of TDS
such as universites, they have PAN in name of trust, and they dont like to make "fixed deposits with banks"unless its required obligatory for any specific purpose of carriculam.
CA Ashish Barthwal
(Practising Chartered Accountant)
(104 Points)
Replied 07 December 2016
CAclubindia
