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Q.

Wat if a person withdraw his National Saving Scheme without doing TDs

Asked by chetana, 09 Jun '09 11:06 am
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Answers (2)

1.

It cant be withdrawn this way. because Tax will be deducted at source whenever the taxable income exceeds the specified limits at the rates prescribed under Schedules to Income Tax Act. After deducting tax, the deductor has to give a Certificate called the TDS Certiifcate (Form 16/16A Certificate) within the time limit prescribed under Income Tax Act. The TDS certificate could be attached with the Income Tax return to claim Income Tax refund. The responsibility for deducting tax at source rests with the person who is making the payment and if TDS is not deducted, wherever applicable, the relevant expenditure will be disallowed under the provisions of Income Tax Act. The deductor has to deduct TDS at the specified rates before making payment to the payee & then deposit TDS on or before 7th of the subsequent month. He has to file e-TDS returns on a quarterly basis.

As the very name suggests, the word \"TDS\" stands for Tax Deducted at Source. In India, TDS is deducted from various sou ...more
Answered by joyesh chakraborty, 09 Jun '09 11:17 am

 
  
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2.

No problem to person
Answered by vijaygarg, 09 Jun '09 11:07 am

 
  
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