9911796707
TMI BlogTDS on interest in respect of compensation received in accident case under motor vehicle act 1988.X X X X Extracts X X X X X X X X Extracts X X X X ..... ore than one litigant (hereinafter 'the depositor') is directed by the court that a specified amount (hereinafter "deposit") be deposited in the bank either directly or through the court in order to protect the interest of litigants. Such deposits (usually time deposits) are kept in the bank in the names of Registrar/Prothonotary and Senior Master or any other name as per the order of the court. Difficulties are faced in making TDS on the interest periodically accruing on such deposits/time deposits and about the person(s) as deductee who is entitled to TDS certificate in Form 16A. 3.1 The matter has been examined in the Board and it has been decided that, subject to para 4 below, this circular shall be applicable to cases where one or mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of TDS on interest accruing on such deposit will be allowed to the Insurance company which has made the said deposit. b. The Court while deciding the cases of land compensation directs the authority concerned (liable for making payment of compensation) to deposit any sum in time deposit in any bank, the TDS on time deposit shall be in the name of the authority making deposit, if such authority is an entity liable for charge to Income-tax on its income. In case the deposit in the bank is by Central or State Government no tax will be deducted. c. The court adjudicating upon financial dispute during pendency of proceedings direct any party(ies) to deposit any amount as security in time deposit, the TDS on interest accruing on such deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to make the aforesaid deposit. (d) Amount ordered to be deposited. (e) Name/branch of the depository bank, if known. (f) Whether assessed to income-tax, if yes, Permanent Account Number (PAN) (g) Any other information It is certified that the information above is true to best of my knowledge and belief. Date: Place (SIGNATURE OF THE DEPOSITOR) Forwarded to the Bank concerned for proper compliance of the TDS provisions of the Income-tax Act, 1961.Tax is to be deducted in the name of the depositor mentioned above in accordance with rule 37(BA) of the Income-tax Rules,1962. The information provided above is correct as per the records in the case mentioned above. Date: Place REGISTRAR/PROTHONOTARY and SENIOR MASTER NOTE: If mo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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