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of <h1>No TDS on Interest Payments by Scheduled Banks to Scheduled Tribe Members in Specified Areas per Section 197A(1F).</h1> The Central Government has issued a notification under section 197A(1F) of the Income-tax Act, 1961, stating that no tax deduction at source will be made on interest payments, excluding interest on securities, by a scheduled bank to a Scheduled Tribe member residing in specified areas, as per section 10(26) of the Act. Conditions include verifying the receiver's eligibility, reporting the payment in tax deduction statements, and ensuring the total payment does not exceed twenty lakh rupees in a year. This notification is effective from its publication date in the Official Gazette.
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