Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 393 amendments revise withholding, extend payers to co-operative banks and allow electronic depository declarations with quarterly transmission deadlines.</h1> Amendments to section 393 revise withholding and declaration obligations: the Table Note reference is corrected to serial number 3(i). The scope of payers is expanded to include co-operative societies carrying on banking business. Interest on compensation awarded by Motor Accidents Claims Tribunals is excluded from withholding when paid to an individual or to a non-individual whose aggregate interest on such compensation does not exceed Rs. 50,000 in the tax year. From 1 April 2027, declarations may be furnished electronically to a depository (Depositories Act) for units, interest on securities, or dividends where holdings are with the depository and securities are listed; payers must transmit received declarations to the prescribed tax authority within seven days after the quarter ends.
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