Interest payment exemptions remove withholding obligations for qualifying recipients, cooperative society payments, government schemes, deposits, awards, and partner interest. Interest other than interest on securities is not subject to tax deduction at source where it is paid to specified banking, financial, insurance or ... Summary
Interest payment exemptions remove withholding obligations for qualifying recipients, cooperative society payments, government schemes, deposits, awards, and partner interest.
Interest other than interest on securities is not subject to tax deduction at source where it is paid to specified banking, financial, insurance or notified recipients; in qualifying co-operative society transactions; or in prescribed payment categories. Exempt payments include interest on certain government schemes and bank deposits, qualifying Motor Accidents Claims Tribunal awards, specified zero coupon bonds, scheduled interest payments, and interest paid by a firm to its partner. The exemption for banking co-operative societies is restricted where the prescribed turnover condition and interest threshold are exceeded.
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