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of <h1>Banks Must Deduct TDS on Interest from Accident Compensation Deposits Under Motor Vehicle Act, Circular No. 8/2011 Clarifies.</h1> Circular No. 8/2011, dated 14-10-2011, addresses the deduction of tax at source (TDS) on interest from compensation deposits in accident cases under the Motor Vehicle Act, 1988. It clarifies that banks must deduct TDS on interest from court-directed deposits, such as those by insurance companies or authorities, with TDS certificates issued to the depositor. The circular outlines procedures for handling TDS in various court-directed deposit scenarios, excluding deposits managed by court-appointed administrators or arising from court attachments. Depositors must submit declarations to facilitate TDS administration, ensuring compliance with the Income-tax Act, 1961.
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