Dear Experts!
Bankers deducting tds from pensioners pension when they are making payment to them who are not employees of that bank. In such condition 1) under what section they have remit into the Government A/c? 2) under in which form to be used to file efiling 24Q? 26Q? Kindly put light on this matter. Thanks in advance and happy new year to all.
As per RBI directive it is treated u/s 192B, it covers in the F24A
Thank You sadashiv sir, if so pensioners are considered illusionly as that bank employees is it?, then the banker issue the tds certificate in form 16 not Form 16A is it correct? and Please tell me Sec F24A what says?
As per notification from RBI, though there is not relation eployer and employee but for Revenue purpose the DDO ( Branch Manager) has duty to deduct tax on pensioner as like salary income. The pensioner may submit F12BA along with Investment proof, PAN card and Housing Loans EMI Statement. Considering the Net Taxable income for the assessee the Branch Manager deduct tax after works out the procedure of "Income from Salary" Head in the Income tax Act.Generally For Accounting Year 1,60,000/- and for woman Rs 1,80,000/ is threshold limit for TDS Purpose. This threshold limit means Gross total Income miuns taxable investment.In this case Bank issue F16 to the Pensioner,
Thank you sir
Shyam Joshi & Associates
Pune
B.Com
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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