TDS ON BANK DEPOSITS
This query is : Resolved
06 July 2008
PLEASE CLARIFY THE FOLLOWING
IS THERE ANY UPPER CIELING BEYOND WHICH TDS HAS TO BE DEDUCTED ON INTEREST EARNED ON DEPOSITS?
I.E., TO BE MORE SPECIFIC, IF A PERSON SUBMITS EITHER 15H OR 15G AND HIS INCOME FROM INTEREST IS BEYOND TAXABLE LIMIT, EVENTHOUGH HE HAS SUBMITTED 15H OR 15G, WHETHER THE BANK HAS TO DEDUCT TDS OR NOT? PLEASE CLARIFY ME ABOUT THIS.
IS THERE ANY UPPER CIELING BEYOND WHICH TDS HAS TO BE DEDUCTED ON INTEREST EARNED ON DEPOSITS?
I.E., TO BE MORE SPECIFIC, IF A PERSON SUBMITS EITHER 15H OR 15G AND HIS INCOME FROM INTEREST IS BEYOND TAXABLE LIMIT, EVENTHOUGH HE HAS SUBMITTED 15H OR 15G, WHETHER THE BANK HAS TO DEDUCT TDS OR NOT? PLEASE CLARIFY ME ABOUT THIS.
07 July 2008
1.yes there is an upper ceiling of Rs.5000 in general and Rs.10000 for specific persons such as Banks.
2.If a person submits submit 15G or 15H then bank need not deduct TDS even if his/her income exceeds taxable limit.prima facie 15G or 15H is a declaration made by individual for which bank cannot be made liable.
2.If a person submits submit 15G or 15H then bank need not deduct TDS even if his/her income exceeds taxable limit.prima facie 15G or 15H is a declaration made by individual for which bank cannot be made liable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST Regis.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
