Bank file nil deduction of tds fd interest less than 10000?
This query is : Resolved
15 April 2016
Does bank file “NIL DEDUCTION OF TDS” when Fixed deposit interest earned in a financial year is less than Rs.10,000/- which can be seen on TRACES/TDSCPS website?
For example, Mr XYZ will be earning Rs.9,995 as a fixed deposit interst in f.y. 2016-2017. Will this amount earned below Rs.10000 will reflect in TDSCPS/TRACES/26AS under his/her PAN Number?
Please revert back.
For example, Mr XYZ will be earning Rs.9,995 as a fixed deposit interst in f.y. 2016-2017. Will this amount earned below Rs.10000 will reflect in TDSCPS/TRACES/26AS under his/her PAN Number?
Please revert back.
15 April 2016
No. If the bank has not deducted TDS of a person (say Mr. XYZ), it will not include the interest payment to such person in its TDS return. Accordingly, that amount will not be reflected in TDSCPS/TRACES?26AS of the assessee.
Message likes :
1 times
16 April 2016
There is a client of mine who earned Rs.2558 in f.y 2015-16 as a fixed deposit interest from the Andhra Bank. This 2558 is reflecting against his 26AS on TRACES with no TDS deducted. Is it possible some bank file nil deduction of TDS while others not?
16 April 2016
Generally no bank would include the details of those persons to whom Interest is paid but TDS is not deducted. In the case of your client, it might be possible that bank had first deducted the TDS and filed its return but afterwards reversed the TDS and accordingly revised its TDS return. Due to this the interest amount is reflecting in his 26AS on TRACES with no TDS.
Message likes :
1 times
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- 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
- TDS on purchase of value vouchers for employees ?
- 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 ?
Trending Online Classes
CAclubindia
