Amendment to [ Section-193 ] w.e.f. Assessment Year 2019-2020 under Income Tax Act.
Government of India introduced a new 7.75% GOT Savings (Taxable) Bonds, 2018. The interest received under the new bonds will continue to be taxed as in the case of the earlier one. The provisions of section 193 have been amended (with effect from April 1, 2018) to allow for deduction of tax at source at the time of making payment of interest on such bonds to residents. However, no TDS will be deducted if the amount of interest is less than or equal to Rs. 10,000 during the financial year.
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