TDS on interest: individuals, HUFs and large co operative societies must deduct tax where turnover and interest thresholds are exceeded. The amendment changes TDS liability for interest (other than interest on securities) by prescribing that individuals and HUFs will be required to deduct tax where turnover exceeds one crore rupees for business or fifty lakh rupees for profession in the immediately preceding financial year. It further provides that co-operative societies will be liable to deduct tax if their turnover in the preceding year exceeds fifty crore rupees and the interest paid or credited in the year exceeds prescribed thresholds, with a distinct higher threshold where the payee is a senior citizen. The provision defines 'senior citizen' for the sub-section.
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: individuals, HUFs and large co operative societies must deduct tax where turnover and interest thresholds are exceeded.
The amendment changes TDS liability for interest (other than interest on securities) by prescribing that individuals and HUFs will be required to deduct tax where turnover exceeds one crore rupees for business or fifty lakh rupees for profession in the immediately preceding financial year. It further provides that co-operative societies will be liable to deduct tax if their turnover in the preceding year exceeds fifty crore rupees and the interest paid or credited in the year exceeds prescribed thresholds, with a distinct higher threshold where the payee is a senior citizen. The provision defines "senior citizen" for the sub-section.
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 
