Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Step 1 – Issue Identification & Review
The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.
• Review the issues identified by the AI • Add, edit, remove, or refine issues as required
Step 2 – Draft Generation
Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.
• Relevant statutory provisions • Judicial precedents and Supreme Court, High Court and other citations • Issue-wise legal analysis • Practical arguments and supporting content • Professionally structured draft ready for further review.
Since no constructive credit to the depositor’s / payee’s account takes place while calculating interest on time deposits on daily or monthly basis in the CBS software used by banks, tax need not be deducted at source on such provisioning of interest by banks for the purposes of macro monitoring onl
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Tax Deduction at Source on interest provisioning clarified: TDS not required on CBS macro monitoring entries; deduct on actual credit. Where banks using Core Branch Banking Solution calculate and park interest on time deposits in a provisioning account for macro monitoring only, such parking does not constitute constructive credit to the depositor; therefore tax need not be deducted at source on those provisioning entries. Tax shall be deducted at source when interest is actually accrued, credited, paid, matured or encashed, or at periodic intervals as per bank or depositor practice, whenever aggregate interest in the year exceeds the statutory threshold for deduction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax Deduction at Source on interest provisioning clarified: TDS not required on CBS macro monitoring entries; deduct on actual credit.
Where banks using Core Branch Banking Solution calculate and park interest on time deposits in a provisioning account for macro monitoring only, such parking does not constitute constructive credit to the depositor; therefore tax need not be deducted at source on those provisioning entries. Tax shall be deducted at source when interest is actually accrued, credited, paid, matured or encashed, or at periodic intervals as per bank or depositor practice, whenever aggregate interest in the year exceeds the statutory threshold for deduction.
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