Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 Is tds applicable on the interest on advance tax remitted by the government..? if not why ?

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 June 2014 The provisions of TDS exclude interest paid to any government, bank or any financial institution. Therefore TDS is not applicable on interest on advance tax paid to government.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 Sir it is that we hav paid the advance tax in excess so while paying the interest on such advance tax will the government deduct tax on such payment

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2014 No. Government will nit deduct TDS on such payment. But this interest has to be included in your income under the head income from other sources.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 sir why it will not deduct the tds on interest on advance tax paid

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 June 2014 In that case also, governemnt wont deduct tds on such interest.

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 Sir i want to know why is it so?