WebNo surcharge, education cess or SHEC shall be added to the basic rates. Section 194A of income tax act provides for deduction of tds on payment made regarding interest. For … WebThe person responsible for paying the income (the payer) takes care of deducting the tax and sends it directly to the government on behalf of the payee. This system helps make …
Finance Charges paid to NBFCs not subject to TDS: ITAT [Read …
WebJan 30, 2024 · TDS under Section 194A is deducted @ 10% where payee furnishes his PAN details. Otherwise, TDS is levied @ 20%. For example, a partnership firm obtains a loan from Mr. Pankaj residing in Gujarat. The annual interest on such loan amounts to Rs. 65,200 and Mr. Pankaj fails to provide his PAN. WebFeb 7, 2024 · TDS (Tax Deducted at Source) is a type of tax introduced by the Income Tax Department of India to minimise tax evasion. It is applicable on various payments ranging from contractor payments, salary, commission and more. ... 194A: Interest issued by banks or post offices on deposits: Rs. 40,000 Rs. 50,000 (For senior citizens) 10%: 10%: 194A ... maryville tn alternator shop
ITR Filing Due Dates For 2024-2024 (Income Tax Calendar)
WebDec 20, 2024 · The Income Tax Appellate Tribunal ( ITAT ), Kolkata has held that the finance charges to Non-Banking Financial Companies (NBFCs) are not subject to Tax Deduction at Source ( TDS ) under the provisions of section 194A of the Income Tax Act. WebFeb 24, 2024 · TDS Rates under Section 194A. The rate of TDS under Section 194A depends on the type of interest income earned. The following are the TDS rates applicable for … WebMay 8, 2024 · The general rule is that the payer has to deduct TDS if the amount of such interest paid or credited is more than Rs.5000 in a financial year. But. in case of payer being a Bank, Cooperative society, Post office – the TDS will be deducted only if the interest is … ClearTax Invest helps you to Invest in the best performing funds in 2024 & let your … hvac fpb definition