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

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....mit. Exception For Serial No. 8(ii), tax is deductible on the amount specified in Note 1(sum exceeding 50 lakhs rupees). Clause (b): Rate of deduction Tax is deductible at the rate specified in the Table. 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). 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 relevant entry in the Table. Section 393(2) - For Payme....

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....is deductible at the rate specified in the Table. Clause (c): Time of deduction Tax is deductible: • at the time of payment; or • at such other time as specified in the Table. 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 deducted under the provisions specified in the Table where the prescribed conditions are satisfied. Accordingly, the exemption from TDS is available only where b....

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....tion 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 exceeds the basic exemption limit. Section 393(7) - Furnishing of Declaration to Income-tax Authority read with Rule 211 The payer receiving a decl....