https://www.taxtmi.com/caselaws?id=302093 The High Court of Karnataka ruled in a case involving the interpretation of Section 194-A(3)(ix) of the Income Tax Act, 1961. The court held that the petitioner-Insurance Company was correct in deducting Tax Deducted at Source (TDS) on the entire interest amount. While claimants can claim exemption up to Rs. 50,000 by filing necessary returns, the company's obligation is to deduct TDS and deposit it, as done in this case. The court quashed the lower court's order to deposit TDS, emphasizing the claimants' responsibility to seek a refund from the competent authority. en-us Wed, 18 Feb 2015 00:00:00 +0530 Wed, 04 May 2022 20:56:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302093 The High Court of Karnataka ruled in a case involving the interpretation of Section 194-A(3)(ix) of the Income Tax Act, 1961. The court held that the petitioner-Insurance Company was correct in deducting Tax Deducted at Source (TDS) on the entire interest amount. While claimants can claim exemption up to Rs. 50,000 by filing necessary returns, the company's obligation is to deduct TDS and deposit it, as done in this case. The court quashed the lower court's order to deposit TDS, emphasizing the claimants' responsibility to seek a refund from the competent authority. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302093