Which section of the I-T Act deals with TDS on interest income?
Which section of the I-T Act deals with TDS on interest income?
Section
194A deals with a deduction of TDS on interest other than ‘interest on
securities’. This could include Fixed Deposits & Loans and Advances other
than banks. This TDS is deducted for resident individuals only.
Section 14 of the I-T Act has classified the taxpayer's income under five different heads of income, Salaries Income from house property Profits and gains of business or profession Capital gains Income from other sources
There are different TDS rates described in different sections of the Income Tax Act, depending on the type and manner of the payment. TDS is deducted by estimating the likely tax amount on your income as per the slab rates currently prevailing for ...
You have to calculate your tax liability on the total income received during the current financial year. If your total income includes any past dues paid in the current year, or any advance for the succeeding years, you may be worried about paying a ...
Yes, you can avoid TDS on your interest income if your total income is below ₹2,50,00 (below the taxable limit). By submitting self-declaration form 15G (below 60 Years) and 15H (60 years and above) exemption on TDS can be claimed.