Here’s the way to get Form 26 AS or Form 16 for the taxation deductions on FDs.By Chirag Nangia My mother may be an adult and has not submitted PAN to the bank and taxation has been deducted on her FD for the last three years.
How will we get Form 26 AS or Form 16 for the revenue enhancement deductions on FDs? —Sudhakar.
The bank is at risk of deducting tax at source on interest earned on fixed deposits.
Even if you furnish the PAN now and therefore the bank revises its TDS return to reflect write-down against your mother’s PAN, you cannot claim credit because the TDS credit lapses if it’s not claimed while filing a return/ revised return for the relevant assessment year, the cut-off date of which has expired in your case.
However, henceforth, Form 26AS is often downloaded by clicking on ‘view Form 26AS’ under the ‘fill this information received by the tax department is reflected in Form 26AS of the deductee, enabling him to mention credit of such tax from his final liabilities, at the time of filing of return of income. the tab of the taxation e-filing portal.
Form 16 may be a certificate of TDS that the bank is required to furnish to the deductee after successfully depositing TDS with the govt…
I purchased a flat two years ago. If I sell this and get a replacement flat, am I able to get any benefits in stamp duty? —Prasanna Sali Assuming you’ve got held the property for a period exceeding 24 months, the financial gains on sale are classified as long-term capital gain (LTCG).
For computing LTCG, the indexed cost of acquisition, indexed cost of improvement, and expenses (incurred wholly and exclusively about the transfer) are deducted from the sale proceeds. LTCG so computed is taxed at the speed of 20%.
There are not any provisions for concessions in stamp tax payable at the time of purchase of another residential property, upon sale of 1.
However, capital gains are tax-exempt if you get another house within one year before or two years from the date of transfer. Within the case of construction, the cut-off date is three years.
Every payment which is roofed under the provisions of deduction at source is required to be made after a deduction of tax. However, there are certain circumstances where the recipient wouldn’t have PAN.
Implications of Opening Fixed savings account Without PAN So, like other financial transactions that need quoting of PAN, herein also you would like PAN.
The tax department has made PAN mandatory for processing taxation returns. Also, you can’t deny the fact that the important ID helps you save your hard-earned money.
Hence if you’ve got opened a set deposit with any bank and provided your PAN card, you’ll save on taxes. Else within the other case, when PAN isn’t produced at the time of opening the fixed time deposit account, you may mete out taxes on your income from the fixed deposit.
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