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of <h1>Section 194A Extended: TDS Now Applies to Bank Time Deposits, Excludes Savings Accounts, Effective October 1991.</h1> The circular outlines the extension of Section 194A of the Income-tax Act, 1961, to include tax deduction at source (TDS) on interest from time deposits with banks and certain cooperative societies, effective from October 1, 1991. It specifies the conditions under which TDS is applicable, including the exclusion of savings accounts and deposits before April 1, 1991. The circular provides the rates for TDS, exceptions for low-income earners, and procedural requirements for banks and other financial institutions. It also details penalties for non-compliance and guidelines for handling joint accounts, emphasizing the payer's responsibility for TDS compliance.
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