WebJun 26, 2024 · Prima facie, the provisions of Section 194R (dealing with TDS) may not apply to the banking industry when there is a settlement of loan with the borrower and a certain amount is written off in the process. However, the fear among bankers is probably emanating from the word 'benefit' in the new circular on TDS." WebJul 11, 2024 · Tax Deductible on: Sum paid to a contractor or professional when it is for personal use. 2. Tax Deductible By: Individual or HUF who is not required to deduct tax under Section 194C or 194J. 3. Threshold Limit: More than Rs. 50 Lacs (the aggregate payments made to a single service provider during the year exceeds Rs 50 lacs). 4. Rate …
Tax Saver FD - 5 Year Tax Saving Fixed Deposit HDFC Bank
WebJun 13, 2024 · The eligible person can avail the benefit of non-deduction of TDS for following a list of incomes by filing the declaration in Form 15H –. Interest on banks fixed … WebMar 23, 2024 · Conclusion. Section 80TTA of the Income Tax Act, 1961 deals with the tax deductions granted on interest. This deduction is applicable for interest on savings accounts held by individuals or Hindu Undivided Families (HUF). The maximum deduction that can be claimed for all savings accounts is Rs.10,000. This deduction is over the … dancing rabbit golf course rates
Indian Tax Deducted at Source (TDS) overview - Finance
WebApr 3, 2024 · TDS on Fixed Deposits. According to Section 194A of the Income Tax Act, TDS is applicable to the interest earned on fixed deposits. TDS @ 10% is deducted if interest income exceeds Rs 40,000 (Rs 50,000 for resident senior citizen) during the financial year. But, if PAN details are not provided, TDS @ 20% is deducted from the … WebMar 10, 2024 · TDS stands for Tax Deducted at Source. The person making payment to other person is required to deduct TDS and deposit the same to the Government of India as per applicable provision on Income Tax Act, 1961 and read with Rules, 1962. Income tax act of India instructs to deduct TDS at the time of credit or payment whichever is earlier. WebSep 6, 2013 · The section 204 specifically says that “for the purposes of the foregoing provisions of this Chapter means Sec. 190 to Sec. 203 and for Sec. 285 of the act the following persons would be responsible”, so it is clear that for the purpose of Sec. 234E none of the person has been made responsible, therefore if any late fee is due and not … birkenstock house slippers for women