Interest payment exemptions remove withholding obligations for specified recipients, cooperative society payments, deposits, and qualifying payment categories. Interest other than interest on securities is exempt from tax deduction at source for specified recipients, including banking, financial and insurance ... Summary
Interest payment exemptions remove withholding obligations for specified recipients, cooperative society payments, deposits, and qualifying payment categories.
Interest other than interest on securities is exempt from tax deduction at source for specified recipients, including banking, financial and insurance institutions, and for certain co-operative society payments and deposits. The co-operative banking exception is restricted where the prescribed turnover and interest thresholds are exceeded. Exemptions also cover specified government-paid interest, notified scheme deposits, designated bank deposits, qualifying Motor Accidents Claims Tribunal awards, specified zero coupon bond interest, scheduled interest categories, and interest paid by a firm to its partner.
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