Sir, i work in a government undertaking company where government has funded us ₹ 1 crore which we have kept in our Savings account of our company and we have got around ₹ 15 lakhs (quarterly) interest on it as per bank statement, now as we have checked Forms 26 AS we found that no TDS has been deducted on interest received (₹ 15 lakh)
Now, i wants to know that who will be liable for the penalty and interest for the mistake weather we can defand ourselves for the mistake. or there is any provision that no TDS, is deducted for government grants. please explain it. clearly Thank you
Generally bank deduct Tds on fixed deposits and other term deposits..
But your question is not reasonable since no bank give 60% interest on savings account..
15lacs*4/1crore..
If bank has not deducted Tds then you must pay tax at the time of filing ITR
CAclubindia
