TDS threshold for interest payments raised for senior citizens, increasing the exemption limit and defining eligibility. The amendment inserts a proviso treating specified sub-clauses as if the threshold of ten thousand rupees were substituted by fifty thousand rupees for ... Summary
TDS threshold for interest payments raised for senior citizens, increasing the exemption limit and defining eligibility.
The amendment inserts a proviso treating specified sub-clauses as if the threshold of ten thousand rupees were substituted by fifty thousand rupees for payees who are senior citizens, and defines "senior citizen" as a resident individual aged sixty years or more at any time during the relevant previous year. This change raises the monetary threshold below which tax need not be deducted on interest paid to qualifying senior citizens, thereby altering payers' deduction-at-source obligations.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
