{"id":10097,"date":"2017-09-15T13:47:54","date_gmt":"2017-09-15T08:17:54","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=10097"},"modified":"2017-09-15T13:48:27","modified_gmt":"2017-09-15T08:18:27","slug":"cbdt-clarifies-law-reg-tds-on-interest-on-deposits-made-under-capital-gains-accounts-scheme-1988-where-the-depositor-is-deceased","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/cbdt-clarifies-law-reg-tds-on-interest-on-deposits-made-under-capital-gains-accounts-scheme-1988-where-the-depositor-is-deceased\/","title":{"rendered":"CBDT Clarifies Law Reg TDS On Interest On Deposits Made Under Capital Gains Accounts Scheme, 1988 Where The Depositor Is Deceased"},"content":{"rendered":"<p>The CBDT has issued Notification No. 08\/2017 dated 13th, September, 2017 in which it has explained the law relating to TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased<\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- responsive --><br \/>\n<ins class=\"adsbygoogle\"\n     style=\"display:block\"\n     data-ad-client=\"ca-pub-6440093791992877\"\n     data-ad-slot=\"6406297397\"\n     data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script> <\/p>\n<div class=\"journal2\">\n<a href=\"https:\/\/www.itatonline.org\/info\/cbdt-clarifies-law-reg-tds-on-interest-on-deposits-made-under-capital-gains-accounts-scheme-1988-where-the-depositor-is-deceased\/cbdt-notification-tds-cgas\/#dlcenter\" rel=\"attachment wp-att-10098\">Click here to download Notification No. 08\/2017 dated 13th, September, 2017 issued by the CBDT<\/a> <\/div>\n<blockquote><p>Government of India<br \/>\nMinistry of Finance<br \/>\nCentral Board of Direct Taxes<br \/>\nDirectorate of Income-tax (Systems)<br \/>\nNew Delhi <\/p>\n<p>Notification No. 08\/2017 New Delhi,<br \/>\n13th, September, 2017 <\/p>\n<p>Subject: \u2014 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased \u2014 reg.\u2014 <\/p>\n<p>It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in accordance with the law. Ideally in such type of situations, the TDS certificate on the interest income for and upto the period of death of the depositor is required to be issued on the PAN of the deceased depositor and for the period after death of the depositor is required to be issued on the. PAN of the legal heir. <\/p>\n<p>2. Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the: statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 268 in the manner so specified. <\/p>\n<p>3. In exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby specifies that in case of deposits under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased: <\/p>\n<p>(i) 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 <\/p>\n<p>(ii) 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, <\/p>\n<p>unless a declaration is flied under sub-rule(2) of Rule 37BA of the income-tax Rules,. 1962 to that effect. <\/p>\n<p>4. This issues with approval of the Principal Director General of Income-tax (Systems). <\/p>\n<p>Dy. Commissioner of Income-tax (CPC-TDS)<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The CBDT has issued Notification No. 08\/2017 dated 13th, September, 2017 in which it has explained the law relating to TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/info\/cbdt-clarifies-law-reg-tds-on-interest-on-deposits-made-under-capital-gains-accounts-scheme-1988-where-the-depositor-is-deceased\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,7],"tags":[],"class_list":["post-10097","post","type-post","status-publish","format-standard","hentry","category-all-information","category-others"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/10097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/comments?post=10097"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/10097\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=10097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=10097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=10097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}