TDS Exemption for Society /Employees Pension Trust

by Chari
(Chennai)

Question

How to find out whether any particular society /Employees Pension Trust is exempted from TDS on the interest earned by them on their Deposit with Nationalized Banks.

Any blanket permission is given by IT Dept ? Whom to contact/consult for any clarification? If at all any exemption is given what are the documents to be taken from the beneficiary concerned.

A detailed reply will be highly appreciated. Is there any provision to verify online in IT dept web site?




Answer

Normally, unless the Society / Employees Pension Trust applies to their Jurisdictional Assessing Officer and obtains 'No TDS Certificate', TDS would be deducted by Bank.

There is no general exemption.

If you want to verify, you can ask for "No TDS Certificate" issued by the Assessing Officer, from the Society/Trust.

Thanks for Contacting Accounting-n-Taxation.Com

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