Can Anybody explain me what is Overhead Tax Deducted in SBI Mod interest statement ?
7 Replies
opjakhotia andco
(2 Points)
Replied 14 May 2021
Simply saying, overhead tax is the tax which should have been deducted from past interest. Banks give interest on Fixed deposit and deduct tax before crediting interest.
In some cases, tax was not deducted but interest credited. Then what happens is that the tax will be deducted twice when next interest will be credited. This extra tax (past tax) is overhead tax.
Ravinder Goyal
(2 Points)
Replied 25 July 2021
What in the above reply means
1) tax will be deducted twice
2) Is this ovehead tax is included in the total tax deducted by the Bank.
3) How the income tax payer should treat it when filing the tax return?
Ahmed Malik
(55 Points)
Replied 04 November 2022
Paid to labour contractor https://banksnear-me.com/apple-bank-near-me/ labour work charges 4000 including tds How can I pass entries in tally Is there any tds deductable .
Sanjay
(hhgh)
(0 Points)
Replied 06 June 2023
Entries will be :
| Particulars | Amount |
| Labor Contractor Expenses (or Wages Expenses).........Dr | 3600 |
| TDS Payable.........Dr | 400 |
| To Cash or Bank | 4000 |
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 07 June 2023
"Sorry, I am not a featured member."
For featured members contact.... https://www.caclubindia.com/catalogue/featured.asp
TyriqueBerge
(business)
(22 Points)
Replied 03 November 2023
I'm still quite confused about Tax. However, I don't have much time to read all about taxes, which taxes do I need to pay attention to?
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