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Deduction Of Tax From Interest Other Than Interest On Securities [ Section 194A]

 

3.5.      DEEUCTION OF TAX FROM INTEREST OTHER THAN INTEREST ON SECURITIES [ SECTION 194A]

The Provisions of Section-194A towards Deduction Of Tax From Interest Other Than Interest On Securities are given below---

Who is the taxpayer

Any person paying interest other than interest on securities ( not being an individual or a Hindu Undivided Family whose books of accounts are not required to be audited u/s 44AB )

Who is the recipient

A Resident Person

Payment covered

Interest other than interest on securities

At what time tax has to be deducted at source

At the time of payment or at the time of credit, whichever is earlier.

Maximum amount which can be paid without Tax Deduction

Interest other than interest on Securities.
a. Rs. 10,000 ( by Banks )
b. Rs. 5,000 ( by Others )

Rate of tax deducted at source

10% if the recipient is resident non-corporate assessee and 20% if the recipient is resident corporate assessee.

When Taxis not required to be Deducted at Source : Following interest payments are not subjected to TDS.

    • When the aggregate of inters during the financial year is Rs.5,000 or less.

    • Where interest is paid to any building company or co-operative society, LIC, UTI or any company or co-operative society carrying on the business of insurance or any financial corporation or nay institution as the Central Government may notify in the official gazette.

    • Any scheme maintained at the post office.

    • Interest paid by a firm to its partner.

    • Where a declaration in Form 15G is furnished by the assessee.

 
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Deduction Of Tax From Interest Other Than Interest On Securities [ Section 194A]
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Tax Deducted At Source From Insurance Commission [ Section 194D]
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