Banks exempted from deducting tax at source from interest paid on deposits under clause (vii) of sub-section (3) from 1-4-1970 - Whether tax already deducted and paid into Government account could be refunded directly by banks
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Exemption from TDS on bank deposit interest means banks cannot refund tax paid; depositors must claim refund from tax authorities. Banks and specified co-operative banks are no longer required to deduct tax at source on interest paid to resident depositors under the newly inserted TDS ... Summary
Exemption from TDS on bank deposit interest means banks cannot refund tax paid; depositors must claim refund from tax authorities.
Banks and specified co-operative banks are no longer required to deduct tax at source on interest paid to resident depositors under the newly inserted TDS exemption clause. If tax was already deducted and a certificate issued or the amount paid to Government, banks cannot refund directly; depositors must apply to income-tax authorities for refund. If deduction occurred but no certificate was issued and no payment made to Government, the bank may write back the entry to nullify the deduction.
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