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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>1974 Circular: Tax Deduction Instructions for Interest Payments u/ss 194A & 195, Rates and Surcharges Detailed.</h1> Circular No. 134, dated 16-5-1974, provides instructions for the deduction of tax at source from interest payments, excluding interest on securities, for the financial year 1974-75. Under section 194A, entities other than individuals or Hindu undivided families must deduct tax at rates specified in the Finance Act, 1974, when paying interest to residents. The rates are 10% for non-companies, and 20% (plus 1% surcharge) for domestic companies, and 7% (plus 3.5% surcharge) for non-domestic companies. Section 195 requires tax deduction on interest payments to non-residents at 30% (plus 3% surcharge) for individuals and 70% (plus 3.5% surcharge) for companies.
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