Tds on bank fds of self help groups


A registered NGO has set up a few Self Help Groups in some villages. These SHGs have their own separate bank accounts and FDs. However, TDS is getting deducted on these FDs and SHGs cannot claim refund on that as these groups are neither registered nor have PAN cards. They have below threshold income. Is there anyway these groups can avoid the loss due to TDS.

 

Thanks in anticipation.

 

 
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Lawyer in Hyderabad.wats app no.9989324294

A deductor (banker) is required to issue a TDS certificate to the deductee (SHG's) within a specified time. The deductees can claim refund by submitting these certificates with I.T. department. But  PAN is cumpulsory.

Banker has to issue TDS Certificates within one month of the next financial year.

 
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am a senior citizen and have FDs in Banks. When I contacted one of the

banks for renewal of my FD nfor six months period and submit the form 15H 

later(say in the month of sept15) since am out of country, they said I should file

form 15H  by downloading and send it to the concerned bank at Bangalore.

Why cant they accept when I download,scan and sign and mail to the concerned bank.There is no transactions of money involved?

When Banks ae automated/computerised why shd they insist to send physical instead of

scaned mail as this only a formality for exemption of tax and they cannot harass .!!

pl feed back .

 

pksrinivasan

 
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