anckoora
22 February 2012 at 16:03
Dear Sir,
My employer had taken a FDR of 1 crore @9.5% int.p.a. ( compounded quarterly) for 1 year & 4 days. On FDR, Maturity Amount was mentioned as Rs.1,09,95,610/- and below it a note was written as " Interest component of the maturity amount will be subject to TDS, if applicable. The Maturity might vary to the extent of TDS deducted".
On maturity, Bank gave credit of 1,08,92,817/- and gave me statement of TDS deducted which was Rs.99,223/-. Now if I make total of these two, Gross Maturity Amount (before TDS deduction ) comes to Rs.1,09,92,040/- - which is short by Rs.3570/- as compared to what is gross amount written on FDR (1,09,95,610/-).
When I asked bank, they say that "this difference is due to our interest compounded quarterly and TDS deducted thereon quarterly and this TDS amount is not given credit of in principal amount. Thus we get short credit of interest every quarter and hence at the time of maturity this difference will come.ā€¯.
But my argument is that " since FDR is generated from software & software knows terms & conditions of this FDR, why maturity amount on FDR is coming higher by Rs.3570/- ?
In short I must get credit of 1,08,96,387/- ( maturity amt as mentioned on FDR 1,09,95,610/- less TDS as per bank statement of Rs.99,223/- ). Actually I got credit of 1,08,92,817/-, i.e., short by 3570/-.
Can I claim from Bank, this Rs.3570/- as they are bound to give maturity amount (after TDS deduction).? And how ?
Dear all experts, pl. study this case carefully & give me your valuable opinion on this querry.
anckoora
Vishal Gupta
22 February 2012 at 12:10
15 years ago, a Government bank advanced loan to a co. with 3 directors having equal equity., amount 37 lacs, interest 16%, security kept land whose current worth is around 1.5 crores.,.co. got closed soon after operating 3 years,,., nobody cared about rest of documnetation procudre., now one directors receives an informal offer from loan recovery officer stating pay 92 lacs releasing all the property docs... wat remedy does the director hav nw??
anckoora
20 February 2012 at 14:20
Dear Sir,
My employer had taken a FDR of 1 crore @9.5% int.p.a. ( compounded quarterly) for 1 year & 4 days. On FDR, Maturity Amount was mentioned as Rs.1,09,95,610/- and below it a note was written as " Interest component of the maturity amount will be subject to TDS, if applicable. The Maturity might vary to the extent of TDS deducted".
On maturity Bank gave credit of 1,08,92,817/- and gave me statement of TDS deducted which was Rs.99,223/-. Now if I make total of these two, Gross Maturity Amount (before TDS deduction ) comes to Rs.1,09,92,040/- - which is short by Rs.3570/- as compared to what is gross amount written on FDR (1,09,95,610/-).
When I asked bank, they say that "this difference is due to our interest compounded quarterly and TDS deducted thereon quarterly".
But my argument is that " since FDR is generated from software & software knows terms & conditions of this FDR, why maturity amount on FDR is coming higher by Rs.3570/- ? "
In short I must get credit of 1,08,96,387/- ( maturity amt as mentioned on FDR 1,09,95,610/- less TDS as per bank statement of Rs.99,223/- ). Actually I got credit of 1,08,92,817/-, i.e., short by 3570/-.
Can I claim from Bank, this Rs.3570/- as they are bound to give maturity amount (after TDS deduction).? And how ?
Dear all experts, pl. study this case carefully & give me your valuable opinion on this querry.
Dhruv
20 February 2012 at 12:59
Dear All,
I have a doubt regarding the classification of the undernoted transaction as a Capital or a Current Account Transaction.
A resident Indian expired leaving behind a house property in legacy. An Estate of the deceased was formed whose all -3- beneficiaries are all NRIs but the executor is an Indian resident. Now the house property is sold with vendors being the Estate and -2- beneficiaries (the third beneficiary could not be present in India) and separate bank accounts were opened in India of the -2- beneficiaries and of the Estate. Now the funds are to be remitted abroad. How will the transaction be classified as when
a) The beneficiaries remit the funds from their accounts in India to their accounts abroad? And
b) The Estate remits funds from its account in India to the beneficiaries abroad?
Kindly help.
Asha
20 February 2012 at 09:25
Dear Professional collegues,
Good Morning,
Can you please guide me on POST AMALGAMATION FORMALITEIS...
THANKS N REGARDS,
amit
19 February 2012 at 17:29
I Purchase Good @ 5% Vat
I sales Goods @ 2% cst against c forms
with that u get tax credit
I want to know how can i claim that refund
In case i want to file an rti application to which authority shall i file. please provide address
Isaac Gabriel
19 February 2012 at 17:19
The cell Phone companies arbitrarily deduct from the balance of the customers towards songs,horoscopes,jokes etc and the hapless customer is at disadvantage.Similarly the insurance companies inform about the commencement of insurance policies and charge amounts arbitrarily without the consent of the customers.Is there any legal remedy for this?
Apurba Bhagabati
19 February 2012 at 11:54
I want to start a computer training center in Assam. Please give me details about registration process
akash
18 February 2012 at 15:53
Experts,
I want to start a restaurant in New Delhi. Could you let me know what are the licensing and other legal requirements for the same?
© 2026 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Banking laws
Is there any Law which can Ask Bank to waive off Overdue Charges for Retired person who had cleared all his Home Loan EMI & close the Loan Account.
What can bank do to recover its Overdue charges if that Person is not capable of paying that Overdue charges.
Is there any procedure to make settlement? If yes how ?
Please send in your advice.
Thanks