TDS to be deducted on interest payable like interest on fixed deposit, interest on unsecured loan. Interest on securities are not covered under this section but covered under Section 193. Time of Deduction- TDS to be deducted at the time of payment or credit, whichever is earlier. Deductor- Individual and HUF who are liable to…
As per the budget proposal of 2018-19, for senior citizens there needs to be no TDS deducted on interest upto Rs. 50,000/- under section 194A. Earlier this limit was Rs. 10,000/-. This limit is applicable on deposits with banks, deposits with post office, fixed deposit schemes and recurring deposit schemes. The rate of TDS applicable…
Same Payment Challan can be used for TDS under different Sections/ Heads Payments can be made for TDS against multiple Sections in a single challan. For example a payment against Sections 194A, 194C & 194J can be made together in a single challan. Unused Challan value can be used for future quarters/ financial years
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 15th January, 2016 Subject: Initiatives for reducing litigation- regarding. Reducing litigation with the taxpayers has been a key focus area for the Income Tax Department. Several initiatives have been taken by the Central Board of Direct Taxes…
7 January 2016 – Due date for deposit of Tax deducted/collected for the month of December, 2015. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan. 7 January 2016 –…
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…
Existence of Efficient Financial Markets is Paramount for Achieving Economic Growth: FM The Union Finance Minister Shri P .Chidambaram said that existence of efficient financial markets i.e. both banks and capital markets, is paramount for achieving economic growth. He said that without vibrant and viable financial market architecture, there cannot be any sustainable economic growth….