TMI BlogSection 194A - TDS on Interest other than "Interest on Securities"X X X X Extracts X X X X X X X X Extracts X X X X ..... ime of payment of interest in cash or or by cheque or any other mode, whichever is earlier. Where any income by way of interest is credited to any account, whether called Interest payable account or Suspense account or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly. Rate of TDS In case of PAN Furnished :- TDS rate 10% (no surcharge, health and education cess etc.) In case of PAN not furnished:- TDS rate 20% ( no surcharge, health and education cess etc.) Exception of Section 194A The provisions of this section shall not apply - (A) No tax is to be deducted wher ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rupees , the words 50,000 rupees had been substituted. Summary Whos is payer Interest is payable on From 1, June 2007 to 31st March 2018 when Payee is a senor citizen when payee is other person From 1st April,2018 During 2018-19 From 1st April 2019 Banking Company Time Deposit 10,000/- 50,000/- 10,000/- 40,000/- A Co-operative society engaged in carrying on the banking business Time Deposit 10,000/- 50,000/- 10,000/- 40,000/- Post office Notified scheme (i.e. Senior Citizen savings Scheme, 2004) 10,000/- 50,000/- 10,000/- 40,000/- Any other person - 5,000/- 5,000/- 5,000/- 5,000/- (B) Where such income is credited or paid to the following person, no tax is required to be deducted at source- any banking company or any co-operative society e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-clause ( a ), engaged in carrying on the business of banking; However, a Corporative society referred to in (E) or (F) is liable to deduct tax if, (a) the total sales, gross receipts or turnover of the co-operative society exceeds fifty crore rupees during the financial year immediately preceding the financial year in which the interest referred to in sub-section (1) is credited or paid; and (b) the amount of interest, or the aggregate of the amounts of such interest, credited or paid, or is likely to be credited or paid, during the financial year is more than ₹ 5,000/- in case of payee being a senior citizen and forty thousand rupees in any other case. (G) Where a self declaration Form No. 15G / 15H is furnished by a particular ..... X X X X Extracts X X X X X X X X Extracts X X X X
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