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TDS under section 194A of the Act on interest on fixed deposit made on direction of Courts

Income Tax - 23/2015 - Dated:- 28-12-2015 - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 23/2015 New Delhi, 28th December, 2015 Subject: -reg. Section 194A of Income Tax Act, 1961 ( the Act ) stipulates deductions of tax at source (TDS) on interest other than interest on securities if the aggregate of amount of such interest credited or paid to the account of the payee during the financial year exceeds the specified amount . 2. In the c .....

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its will be. Amount and year of receipt is also unascertainable. The Hon ble High Court thus held that the person who is ultimately granted the funds would be determined by orders that are passed subsequently. At that stage, undisputedly, tax would be required to be deducted at source to the credit of the recipient. The High Court has also quashed Circular No. 8 of 2011. 3. The Board has accepted the aforesaid judgment. Accordingly, it is clarified that interest on FDRs made in the name of Regis .....

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