Income Tax Amendment Raises TDS Threshold for Interest Payments to Ten Thousand Rupees Under Section 193
The amendment to section 193 of the Income-tax Act introduces a threshold for tax deduction at source on interest payments. Tax deduction is now required only when the amount or aggregate amounts exceed ten thousand rupees during a financial year. Additionally, in the proviso clause (v), sub-clause (a), the exemption threshold has been increased from five thousand rupees to ten thousand rupees. These changes effectively raise the minimum amount at which tax deduction becomes applicable for interest payments.
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