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of <h1>Banks Using CBS Software Exempt from Daily Tax Deduction on Interest; Deduct Annually or at Maturity per Section 194A.</h1> The circular clarifies that banks using Core-Branch Banking Solutions (CBS) software are not required to deduct tax at source on interest provisioned daily or monthly for macro-monitoring purposes. According to section 194A of the Income Tax Act 1961, tax is to be deducted when interest is credited to the depositor's account or paid in any form, if it exceeds specified limits. The circular specifies that tax should be deducted at the end of the financial year, at periodic intervals, or upon maturity or encashment of time deposits, whichever occurs first, when the interest exceeds the specified limits.
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