TDS on interest on deposits under Capital Gains Accounts Scheme, 1988 where the depositor has deceased

CBDT has issued a clarification on TDS charged on the interest on deposits made under Capital Gains Accounts Scheme, 1988 if the depositor has deceased. As per the notification no 08/2017 dated 13th September, 2017, it has been clarified that the interest on TDS on 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 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. Below is the notification that clarifies the same.

Click here for notification

Last date for issuance of TDS certificates for Quarter 2 of FY: 2017-18 is 15th November, 2017

The last date for issuance of TDS certificates for the 2nd Quarter of FY: 2017-18 is 15th November, 2017.

The above is applicable for all other than government deductors.

Delay in certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted. Click here for more details

Quick steps to generate TDS Certificate using TDSMAN In TRACES Information menu

1. Request for Form 16A / Form 16 (Part A).
2. After acceptance, go to “Download Requested files” to download the file.
3. Download PDF converter Utility to create PDFs.

In PDF Converter Utility provide the path of the downloaded file. Provide your TAN as password and click on “Proceed” to create the certificates.

7th November – last date for TDS & TCS payment

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Please note that 7th November, 2017 is the last date for TDS and TCS payments for the deductions made in October 2017. Make sure to do the needful on time to avoid interest. To understand the details/ calculations for late payment interest click on the links below.

Calculation of Late Payment Interest

Interest on Late Payment of TDS

TDS Certificates are to be issued by 15th November, 2017.

TDS Return – Last Date 31st October

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31st October is the last date for filing TDS Returns for FY:17-18, Quarter 2. File on time and avoid unwarranted penalties and default notice.

With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns.

• Failure to submit e-TDS Statement on time will result in fees on the deductor.
• If you delay or forget to file your e-TDS Statement, fees of Rs. 200 per day will be levied on the deductor, as long as TDS Statement is not filed.
• The levied amount of fee is not supposed to exceed the TDS deductibles.
• Prior to filing of TDS Statement such fee should be paid and it should be reflected in the TDS Statement.

Use TDSMAN Software to simplify your TDS Returns preparation and effectively handle defaults and corrections.