Tax deduction at source required on interest payments; deducted tax must be deposited and certificate issued to payees. ITOs must deduct tax at source on interest payments, deposit the tax to the Central Government account, prepare two refund orders (net refund to the assessee and a refund order in favour of the Income-tax Department to be forwarded to the Reserve Bank or State Bank of India with a covering letter and challan), and issue the prescribed certificate of tax deducted at source; the procedure applies mutatis mutandis to withholding on interest to non-residents.
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.
Tax deduction at source required on interest payments; deducted tax must be deposited and certificate issued to payees.
ITOs must deduct tax at source on interest payments, deposit the tax to the Central Government account, prepare two refund orders (net refund to the assessee and a refund order in favour of the Income-tax Department to be forwarded to the Reserve Bank or State Bank of India with a covering letter and challan), and issue the prescribed certificate of tax deducted at source; the procedure applies mutatis mutandis to withholding on interest to non-residents.
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