TDS on interest payment u/s 201(1A) of the Income Tax Act, 1961

Last updated: 07 August 2021

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The Income Tax Appellate Tribunal heard an appeal from Canara Bank concerning the deduction of Tax Deducted at Source (TDS) on interest payments. The bank had been assessed as an 'assessee in default' for not deducting TDS on interest provided quarterly, even when Forms 15G and 15H were submitted by depositors. The Tribunal found errors in the lower authorities' handling of the case and, in the interest of justice, set aside the appeal to the Assessing Officer (AO). The AO is directed to examine the submitted Forms 15G and 15H to determine the correct tax demand, if any.

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
This appeal is filed by the Assessee against the order of the ld CIT(A)-I, Gurgaon dated 08.12.2015 for Assessment Year 2012-13.

Citation :
ITA No. 5870/Del/2016

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Attached File : 1442821_4099_1627367205_5870_del_2016_canara_bank_gurgaon.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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