TDS from interest (other than interest on securities)-Section 194A There are several amendments pertaining to TDS from interest. 3.1 Interest on fixed deposits with banks attracts TDS under Section 194A. Only exception to this was in respect of interest paid by co-operative banks to their members. 3.2 Now, Section 194A(3)(v) has been amended to expressly…
There are several amendments pertaining to TDS from interest. 3.1 Interest on fixed deposits with banks attracts TDS under Section 194A. Only exception to this was in respect of interest paid by co-operative banks to their members. 3.2 Now, Section 194A(3)(v) has been amended to expressly provide that payment of interest on time deposits by…
What is TDS? TDS means ‘Tax Deducted at Source’. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government…
The non-quoting of PAN by deductees in many cases have led to delay in issue of refund on account of problems in the processing of returns of income and in granting credit for tax deducted at source. With a view to strengthening the PAN mechanism, section 206AA provides that any person whose receipts are subject…
TDS related forms and rules regarding digital singnature of TDS return has been changed through INCOME-TAX (SECOND AMENDMENT) RULES, 2013 – AMENDMENT IN RULES 31A & 31AA; SUBSTITUTION OF RULES 31ACB, 37J and FORM NOS.15G, 15H, 16, 16A, 24Q, 26Q, 27C, 27D, 27Q & 27EQ and INSERTION OF FORM NO. 26B, notification no 11/2013 date…
Form 15G and form 15H are used for avoiding the TDS deduction at source if deductee expects his Income to be lower then the taxable limit. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. We have also included frequently asked questions and…
The Government has issued followed clarification regarding Senior Citizens Saving Scheme: An individual resident in Indian of sixty-five years of age or above may furnish a declaration in Form No. 15H to the bank/post office if the tax on his estimated income for the financial year is nil. A declaration in Form No. 15G can…
As per Section 197, TDS shall not be deducted at source in certain cases where the payee furnishes a declaration in writing that the tax on his estimated total income of the previous year will be nil. A payee cannot give such declaration, in case the income or the aggregate of incomes liable to TDS…