Section 194A

Section 194A TDS on Interest (other than Interest on Securities)

Income Tax - 1) Who is responsible for tax deduction (payer)? The person (other than an individual or a Hindu Undivided Family) who is responsible for paying to a resident any income by way of interests other than ‘interest on securities’ is required to deduct tax thereon at the rates in force. An individual or a HUF is […]...

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Benefits For Senior Citizens Under Income Tax Act 1961

Income Tax - In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]...

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TDS – Section 194A : A Dilemma For Co-Operative Societies

Income Tax - The role of Co-operative banks and the Credit Co-operative societies in fulfilling the credit requirements of Indian economy can hardly be overemphasized. They have catered to the credit needs of deserving borrowers. Sec 194A which provides for deduction of interest other than interest on securities has been subject to constant amendment ...

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TDS Rate Chart for Financial Year 2020-21

Income Tax - Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

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TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

Income Tax - TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

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TDS threshold on interest on bank/post office deposits increased

Income Tax - TDS THRESHHOLD INCREASED While presenting interim Budget 2019-20 FM has raised TDS threshold on interest earned on bank/post office deposits. In Tax Deduction at Source (TDS) threshold on interest earned on bank/post office deposits has been proposed to be raised from Rs.10,000 to Rs.40,000. Shri Goyal said, “This will benefit small dep...

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ITAT Restored Case to AO Regarding TDS Applicability u/s 194A on Financial Charges Paid for Car Loan

Samir Synthetics Mills Vs DCIT (ITAT Ahmedabad) - The issue under consideration is whether the disallowance u/s 40(a)(ia) is justified for non deduction of TDS u/s 194A on financial charges paid for car loan?...

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HC explains provision of Exemption from provisions of Section 194A to Co-operative Societies

Chirayinkeezhu Service Co-operative Bank Ltd. Vs. CBDT (Kerala High Court) - High Court held that in the case of deposits made by the petitioner societies with the Co-operative Banks, they would be entitled to the benefit of exemption under Section 194A(3)(iii)(v) of the Income Tax Act and, in respect of the deposits made by the petitioner societies with the Treasury, they w...

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Payment for delayed allotment of plot of land cannot be construed as ‘interest’

Pr. CIT Vs West Bengal Housing Infrastructure Development Corporation Limited (Calcutta High Court) - The issue which falls for decision therefore is whether payment for delayed allotment of a plot of land by the Housing Board to an allottee will fall under the definition of ‘interest’ under section 2 (28A) of the Act....

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Sec 194A TDS deductible on interest on loan availed for vehicle purchase

Asstt. Commissioner of Income Tax Vs Ms. Krystal Aviation Services Pvt. Ltd. (ITAT Mumbai) - TDS under section 194A was  liable to be deducted on amount paid towards interest on loan availed for purchasing a vehicle even when the amount in question was debited from the account of assessee through ECS and disallowance under section 40(a)(ia) was to be made for non-deduction of tax at source...

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TDS deductible on delayed pay-in-charges payable to sharebroker for making delayed payment

M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai) - M/s. Shree Ganeshaya Trading Pvt. Ltd. Vs ITO (ITAT Mumbai) Delayed pay-in-charges payable by the assessee to sharebroker for making delayed payment of purchase consideration for purchase of shares is infact „interest‟ within meaning of Section 2(28A) of the 1961 Act and the assessee was require...

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TDS on interest on Post Office Saving Schemes reduced

S.B. Order 23/2020 - (26/06/2020) - In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic. the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th Ma...

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No TDS on Interest to Senior Citizen if not exceeds Rs. Fifty Thousand

Notification No. 06/2018-DGIT - (06/12/2018) - Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees....

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TDS U/s. 194A of the Act on interest on fixed deposit made on direction of Courts-regd

Circular No. 23/2015-Income Tax - (28/12/2015) - Circular No. 23/2015 Section 194A of Income Tax Act, 1961 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 ....

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CBDT issued clarification on explanation to section 194A

Circular No. 3/2010-Income Tax - (02/03/2010) - Circular No. 3/2010-Income Tax CBDT clarifies that Explanation to 194A is not meant to apply in cases of banks where credit is made to provisioning account on daily/monthly basis for the purposes of macro monitoring only by the use of CBS software...

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Recent Posts in "Section 194A"

Section 194A TDS on Interest (other than Interest on Securities)

1) Who is responsible for tax deduction (payer)? The person (other than an individual or a Hindu Undivided Family) who is responsible for paying to a resident any income by way of interests other than ‘interest on securities’ is required to deduct tax thereon at the rates in force. An individual or a HUF is […]...

Read More
Posted Under: Income Tax |

ITAT Restored Case to AO Regarding TDS Applicability u/s 194A on Financial Charges Paid for Car Loan

Samir Synthetics Mills Vs DCIT (ITAT Ahmedabad)

The issue under consideration is whether the disallowance u/s 40(a)(ia) is justified for non deduction of TDS u/s 194A on financial charges paid for car loan?...

Read More

Benefits For Senior Citizens Under Income Tax Act 1961

In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]...

Read More
Posted Under: Income Tax |

TDS – Section 194A : A Dilemma For Co-Operative Societies

The role of Co-operative banks and the Credit Co-operative societies in fulfilling the credit requirements of Indian economy can hardly be overemphasized. They have catered to the credit needs of deserving borrowers. Sec 194A which provides for deduction of interest other than interest on securities has been subject to constant amendment ...

Read More
Posted Under: Income Tax |

TDS on interest on Post Office Saving Schemes reduced

S.B. Order 23/2020 (26/06/2020)

In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic. the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021....

Read More

TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

Read More
Posted Under: Income Tax |

TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

Read More

TDS U/s. 194A, 194J & 193 of Income Tax Act, 1961

For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called Tax Deducted at Source commonly known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is direc...

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Posted Under: Income Tax | ,

TDS Provisions related to Small Businesses & Covid 19 Relief

TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. [&he...

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Posted Under: Income Tax |

TDS provisions as amended vide Finance Act, 2020

Article explains Amendments as passed by The Finance Act, 2020 on 27 March 2020 viz viz Amendments as introduced by The Finance Bill, 2020 on 1 February 2020 related to Section 194A and SECTION 197A by which Central Government Is Empowered To Provide For A Lower Rate Of TDS, Section 194J related to TDS In […]...

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Posted Under: Income Tax |

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