Income tax notice on SFT005
This query is : Resolved
27 December 2022
One of my friend purchased F.D ( online transfer only no cash deposited) at SBI for morethan 10 lakhs only for one month, after that he cancelled the F.D. But now he received I.T Notice regarding purchase of time deposits
Please help me how to reply to I.T Department
Please help me how to reply to I.T Department
27 December 2022
File return for the relevant year, if not filed earlier.
27 December 2022
Thank you sir
Is there any requirement to deduct TDS on F.D's collected from members of credit cooperative society ( not a bank). This society collect money from members in the form of F.D's and given loans to other members. Please explain clearly tds on credit cooperative society ( is there any requirement to pay income tax on internet received by the member )
Is there any requirement to deduct TDS on F.D's collected from members of credit cooperative society ( not a bank). This society collect money from members in the form of F.D's and given loans to other members. Please explain clearly tds on credit cooperative society ( is there any requirement to pay income tax on internet received by the member )
27 December 2022
Yes, society will deduct TDS on interest paid over FDs maintained with them u/s. 194A of the act.
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