Tax to be deducted at source - Section 393 (New) / Section {193-197A} (Old)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eshold limit. Exception For Serial No. 8(ii), tax is deductible on the amount specified in Note 1(sum exceeding 50 lakhs rupees). Section 393(1) Clause (b): Rate of deduction Tax is deductible at the rate specified in the Table. Section 393(1) Clause (c): Time of deduction Tax is to be deducted at the earlier of: • credit of the income to the payee's account; or • actual payment(any mode including cash). Section 393(1) Clause (d): Subject to specified sub-sections The obligation is subject to sub-sections (4), (5), (6), (8) and (9), which provide exceptions, procedural relaxations and other overriding conditions. Accordingly, section 393(1) must be read together with the rele....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....le on the entire amount unless the Table specifically provides otherwise. Section 393(3) Clause (b): Rate of deduction Tax is deductible at the rate specified in the Table. Section 393(3) Clause (c): Time of deduction Tax is deductible: • at the time of payment; or • at such other time as specified in the Table. Section 393(3) Clause (d): Subject to specified sub-sections The obligation is subject to sub-sections (4), (5), (6), (8) and (9), which provide the applicable exceptions and modifications. Accordingly, section 393(3) must be read together with the relevant entry in the Table. Section 393(4) - Cases where TDS is not required Sub-section (4) provides that tax shall not be deduc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....h depository; and (iii) the securities are listed on a recognised stock exchange. Important Note The benefit of furnishing a declaration for non-deduction of tax under this sub-section is available to eligible persons (other than a resident senior citizen) only where the aggregate amount of the specified income during the relevant tax year does not exceed the maximum amount not chargeable to income-tax (basic exemption limit). In the case of a resident senior citizen (i.e., a resident individual who is 60 years of age or more at any time during the relevant tax year), this restriction does not apply. Accordingly, a resident senior citizen may furnish the prescribed declaration even if the aggregate amount of the specified income....