https://www.taxtmi.com/circulars?id=5034 Section 194A was amended to make tax deduction at source applicable to interest on time deposits with banking companies and certain cooperative societies from 1 October 1991, with deduction required at the time of credit or payment. Cumulative deposits credited in the payer's books trigger deduction on each credit; interest relating to periods before 1 April 1991 on earlier deposits is excluded. Exemptions include a threshold for aggregate interest in a year and declarations or certificates permitting nil or lower deduction. Payers must obtain TAN, issue TDS certificates, file returns, and face interest, penalties and criminal sanctions for non-compliance. en-us Fri, 22 Nov 1991 00:00:00 +0530 Sat, 22 Jun 2024 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5034 Section 194A was amended to make tax deduction at source applicable to interest on time deposits with banking companies and certain cooperative societies from 1 October 1991, with deduction required at the time of credit or payment. Cumulative deposits credited in the payer's books trigger deduction on each credit; interest relating to periods before 1 April 1991 on earlier deposits is excluded. Exemptions include a threshold for aggregate interest in a year and declarations or certificates permitting nil or lower deduction. Payers must obtain TAN, issue TDS certificates, file returns, and face interest, penalties and criminal sanctions for non-compliance. Circulars Income Tax Fri, 22 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5034