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Section 194A - TDS on Interest other than Interest on Securities

Section 194A - TDS on Interest other than Interest on Securities - Income Tax - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax - 07 - SEC - 194A: TDS ON INTEREST OTHER THAN INTEREST ON SECURITIES Deductor - Any person, [other than individual or HUF (not liable to tax audit in preceding Financial Year)] Deductee - Resident Time of Deduction - At the time of credit or payment, whichever is earlier. Rate of TDS - 10% Note: TDS shall not be deducted if: Interes .....

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y provide that tax will be deductible by co-operative banks on payment/ credit of interest on time deposits to its members. However, a co-operative bank shall not be required to deduct tax from the payment of interest on time deposit to a depositor, being a co-operative bank. As per the amendment in Finance Act 2015, the scope of TDS provisions has been extended to cover interest on recurring deposits within its scope for the purposes of deduction of tax under section 194A. However, the existing .....

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