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of <h1>Tax Deduction on Joint Account Interest Explained: Section 194A Clarifies Beneficial Ownership and Tax Certificate Issuance.</h1> The circular addresses the deduction of tax at source on interest from deposits held in joint names under Section 194A of the Income-tax Act, 1961. It clarifies that in the absence of specific information about beneficial ownership, both joint account holders can be treated as payees for tax purposes. Interest on joint accounts may be aggregated with the interest of the individual account holder with higher income for tax deduction purposes. Certificates for tax deductions will be issued to the individual whose interest is aggregated. Objections can be raised by providing evidence, and the Income-tax Officer retains authority to determine beneficial ownership during assessment.
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