Sir, Shall Bank deduct TDS on Interest on FD on Government Authority? If not, then what we can do if Bank Deduct TDS? I think Government Authority is come under section 10(23)(d) of income tax act, so bank should not deduct TDS. Please give your opinion on that.
If the Bank has deducted TDS by mistake but deposited the same to the government, the amount of such TDS will automatically get credited to that Govt Authority A/c and that authority will get refund at teh time of assessment.
Guest
Posted on 23 March 2012
If that Govt. authority does not have PAN No. there is no . of Assessment. Then How will he get refund. (sayrailway authority. Board of Education etc.etc.)