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of <h1>Clarification on TDS u/s 194A: Tax Applies to Interest on Time Deposits Credited After October 1, 1991.</h1> The circular clarifies the applicability of tax deduction at source under Section 194A of the Income-tax Act, 1961, concerning interest on time deposits with banks. It specifies that the provisions for tax deduction at source became effective from October 1, 1991. Therefore, only interest paid or credited after this date is subject to tax deduction at the specified rate. Interest paid or credited between April 1, 1991, and September 30, 1991, is considered only to assess whether the total interest for the financial year exceeds Rs. 2,500, which determines the obligation to deduct tax from payments made after October 1, 1991.
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