14 April 2015
educational institute received government grant . educational institute make fixed deposit in the bank can bank cuts tds on this amount as this amount received by government. what the exact treatment for the tds on fixed deposite
14 April 2015
In my view, the bank can not deduct tax on Fixed Deposit amount itself. It can deduct Tax on the interest payable on the FDR.The TDS so deducted can be adjusted against the tax liability,if there be any, or can be claimed as refund by filing the ITR.
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