sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
  CBDT notifies new communication scheme
 CBDT proposes changes to three IT forms, seeks public suggestions
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?
 Top 5 reasons why you could be paying more tax
 Income Tax Alert! Top 5 reasons why you could be paying more tax
 7 Documents You Need To File Your Income Tax Return

TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased
September, 14th 2017

Government of India

Ministry of Finance

Central Board of Direct Taxes

Directorate of Income-tax (Systems)

New Delhi

Notification No. 08/2017

          New Delhi, 13th, September, 2017

 Subject: - TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased - reg.

It has been brought to the notice of CBDT that in cases of deceased depositor  who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in accordance with the law. Ideally in such type of situations, the TDS certificate on the interest income for and upto the period of  death of the depositor is required to be issued on the PAN of the deceased depositor and for the, period after death of the depositor is required to be issued on the PAN of the legal heir.

2.  Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and Shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified.

3.  In -exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31Aof the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby specifies that in case of deposits under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased:

(i) TDS oh the interest income accrued for and upto the period of death of the depositor is required to be deducted and reported against PAN of the  depositor, and

(ii) TDS on the interest income accrued for the period after death of the  depositor is required to be deducted and reported against PAN of the legal heir, 

unless a declaration is filed under sub-rule(2) of Rule 37BA of the Income-tax Rules, 1962 to that effect.

4.  This issues with approval of the Principal Director General of Income-tax (system).

(P.S. Thuingaleng)

Dy. Commissioner of Income-tax (CPC-TDS),

O/o the Pr. Director General of Income-tax (System),

New Delhi

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions