- TDS (tax deduction at source) exempted on certain payments to reduce compliance burdenFirst time buyers to get additional home loan tax break of Rs 1 lakhGovt sniffs 'scam' in the Rs 3.56 lakh cr outward remittances segmentTax talk: Donations for scientific research are eligible for tax deduction
On conviction, if the tax sought to be evaded is more than R25 lakh, the punishment is rigorous imprisonment of six months. It can even extend to seven years and a fine.
If the investor finds the bank has deducted TDS despite submitting the forms, he will have to file It returns after the end of the financial year to claim the TDS amount as refund. The bank will not refund the TDS to the investor as it has to deposit the tax in the central government's kitty.