I am accounting for a trust registered under Tamil Nadu socities and Trust Act.
As everyone knows there is not Income tax on the profit for trusts. But the TDS which is deducted from the Fixed deposits from Banks can we claim refund on that??
If yes what is the procedure ?
Guidance will be helpful..
Yes you can claim the TDS by filing the return of income
The Trust can make an application in Form 15 G to the Bank to not to deduct TDS
But the non deduction of TDS is only for individuals right ? is it applicable for Trusts also? are you sure?
Yes it is dear. the income of Trusts is wholly exempt from Tax, so they are not requried to pay any tax. If any person is deducting tax at source then the trust is unnecessarily requried to claim the refund whihc takes sometime.
So in order to not to dedcut tax the trusts are requried to submit the form by making an application after TDS shall not be made by any person making payment to the trust.
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