Harsha (Chartered Accountant CS (Final)) (227 Points)
16 July 2010Dear experts,
Our uncle is a retired employee. He has 6 lakh FD in banks. Banks are not deducting TDS for interest. Is there any to prevent TDS apart from form 15?
Whether Post offices deduct TDS?
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 16 July 2010
Dear Harsha,
Income from post office invesment is exempt under section 10(15). So definitely, tax need not be deducted at source.
Harsha
(Chartered Accountant CS (Final))
(227 Points)
Replied 16 July 2010
1)Whether, interest received under monthly income of post office, scheme is exempt?
2) Whether Co-operative societies will deduct TDS for interst on Time deposit made to its members
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 16 July 2010
Dear harsha,
the section apllies to a co-operative society carrying on banking business. it does not apply to a co-operative society carrying on insurance business
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 16 July 2010
thanks sir 4 ur advice
CAclubindia
