When an FD is made with the bank interest is creditedquarterly and TDS has to be deducted quarterly. Theprocess of deducting TDS on accrued income createsa lot of paper work with no real advantage to the Govt. I suggest that TDS be deducted only when the Income is actually paid to the assessee and also the assessee is taxed on actual receipt of interest rather than accrued income.
R.K.Sanhi Sanghi
Oxygen (Bombay) Pvt.Ltd.
Sanghi Centre, Mani Mahal Building,
Ground Floor, 11/21 Mani Mahal,
Mathew Road, Opera House,
Mumbai 400 004
Tel.No. (0091-22) 23634852/53/54
Fax No 23631559
Email: sanghioxygen@gmail.com
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