TDS on interest: amendments tie computation to core banking adoption and broaden coverage for cooperatives and tribunal awards. Amendments to section 194A require TDS computation to refer to income credited or paid by banking companies, co-operative societies or public companies that have adopted core banking solutions; expand the wording for payments by co-operative societies (excluding co-operative banks) to include income credited or paid by such societies; define co-operative bank by reference to the Banking Regulation Act; bring interest on compensation from Motor Accidents Claims Tribunals within the section with a small-amount threshold exemption for aggregate payments below the statutory limit; and substitute 'including' for 'excluding' in the specified Explanation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
TDS on interest: amendments tie computation to core banking adoption and broaden coverage for cooperatives and tribunal awards.
Amendments to section 194A require TDS computation to refer to income credited or paid by banking companies, co-operative societies or public companies that have adopted core banking solutions; expand the wording for payments by co-operative societies (excluding co-operative banks) to include income credited or paid by such societies; define co-operative bank by reference to the Banking Regulation Act; bring interest on compensation from Motor Accidents Claims Tribunals within the section with a small-amount threshold exemption for aggregate payments below the statutory limit; and substitute "including" for "excluding" in the specified Explanation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
