Tax deduction at source on interest payments for floating rate savings bonds now applies, expanding the tax base and anti-avoidance. Amendment to Section 193 mandates deduction of tax at source at the time of payment of interest to residents where interest exceeds the prescribed ... Summary
Tax deduction at source on interest payments for floating rate savings bonds now applies, expanding the tax base and anti-avoidance.
Amendment to Section 193 mandates deduction of tax at source at the time of payment of interest to residents where interest exceeds the prescribed threshold, specifically covering Floating Rate Savings (Taxable) Bonds (FRSB) 2020 and any Central or State Government security as may be specified by the Central Government; the amendment is effective from 1 October 2024.
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TaxTMI 
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