| I had a fixed deposit of Rs 20,000 with Nicco Uco Alliance Credit Ltd, which matured on December 6, 2003. I submitted the receipt on maturity but did not get my money back. The company did not respond to my reminders either. Could you please help? |
K. P. Choudhary, Assam |
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| We forwarded your mail to the company. Nicco Uco Alliance said in response, “The maturity amount of (Mr Choudhury’s) fixed deposit has been sent by demand draft issued by Uco Bank, Southern Avenue branch, Calcutta. Possibly there was a postal delay and in case he has not received the money, he can advise us by email or fax.” |
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| Order of the day |
| I invested in the National Savings Scheme (NSS) and got 20 per cent rebate on income tax. When I wanted to withdraw my deposit on maturity, the post office told me that it would deduct 20 per cent tax (TDS). The post office said an order was issued in March 2003 mandating the TDS, but it could not show me a copy of the order. Does such an order exist? What is more, I am a senior citizen (and hence entitled to special tax rebate). |
Anil Mazumdar, Calcutta |
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| We have forwarded your case to Arabinda Biswas, deputy regional director of the National Savings Organisation. He could not confirm readily whether there was an order in March 2003 mandating TDS on NSS deposits. There was provision for deduction of tax at source in NSS ’87, but none — at least, till the March 2003 order, if it exists at all — in NSS ’92. Though you haven’t mentioned clearly which scheme you had invested in, it appears that you had deposited your money in NSS ’92 — that was the one that entitled investors to a 20 per cent tax rebate. We suggest you should wait till the National Savings Organisation confirms whether or not there was an order in March 2003. Anyhow, if the post office deducts tax, you can claim it back from the income tax department by filing annual return — but that normally takes some time. |
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| Respite not in sight |
| We have received a large number of mails asking us whether the income from Varishtha Bima Yojana is taxable, and whether it qualifies for standard deduction. |
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| The income from the pension plan is fully taxable. There are no exemptions, even under section 80L. Income from Varishtha Bima Yojana does not qualify for standard deduction either. |
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| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001 |
