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of <h1>Govt Eases TDS Rules: No TDS on Interest by Scheduled Banks to Scheduled Tribes in Specified Areas per Sec 194A.</h1> The Central Government has relaxed the provisions of Tax Deducted at Source (TDS) under section 194A of the Income-tax Act, 1961. No TDS will be deducted on interest payments, excluding interest on securities, made by Scheduled Banks to Scheduled Tribe members residing in specified areas, as per section 10(26) of the Act. Conditions include verification of the receiver's status, reporting the payment in tax deduction statements, and ensuring payments do not exceed twenty lakh rupees annually. This was formalized in Notification no. 110/2021 issued on September 17, 2021.
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