Soften tax blow with smart TDS management

Mar 11 2014, 08:33 IST
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SummaryTo avoid TDS for bank fixed deposits, an investor must file Form 15H and Form 15G.

On conviction, if the tax sought to be evaded is more than R25 lakh, the punishment is rigorous imprisonment of six months. It can even extend to seven years and a fine.

If the investor finds the bank has deducted TDS despite submitting the forms, he will have to file It returns after the end of the financial year to claim the TDS amount as refund. The bank will not refund the TDS to the investor as it has to deposit the tax in the central government's kitty.

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