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of <h1>TDS on Deep Discount Bonds: Required at Redemption; Annual Declarants Can Apply for Reduced TDS via Section 197.</h1> The circular addresses the tax deduction at source (TDS) on income from Deep Discount Bonds under the Income-tax Act. It clarifies that TDS is required at the time of bond redemption, regardless of whether income is declared annually or upon redemption. Bondholders who declare income annually can apply for a certificate for no or reduced TDS under section 197, providing necessary details. Original subscribers who declare income annually and owe no tax can submit Form No. 15H for exemption, unless accumulated interest exceeds the non-taxable limit, except for senior citizens with applicable rebates.
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