As is apparent from the above article, you have to pay TDS on FD interest income. If you are eligible for waivers on FD TDS, ensure that you submit the relevant 15G/H form at the beginning of your FD tenure. In doing so, the bank will not levy any tax on your interest income. I...
Interest (other than interest on securities) 10% 194A Lottery winnings, card games, etc. 30% 194B Horse race winnings 30% 194BB Payment to contractor/sub-contractor (Individuals/HUF) 1% 194C(a) Payment to contractor/sub-contractor (Others) 2% 194C(b) Insurance commission 10% 194D Maturity...
capital gains on transfer of asset situated in India, income from Fixed Deposits or interest on savings bank account are all examples of income earned or accrued in India. These incomes are taxable for an NRI.Income which is earned outside India is not taxable in India...
From June 1, 2015, any person making a payment to a non-resident, including an NRI transferring funds from NRO to NRE account would be required to obtain a certificate from a Chartered Accountant in form 15CB and file form 15CA to the income tax department. On May 14, 2015, the […...
1 Payment of Salaries by Employers 192 Slab rates for AY 2021-22 Slab rate Not applicable 30% 2 Premature payment by PF Organization from EPF A/c (i.e. before 5 Years). 192A 50,000.00 10% Not applicable 20% 3 Payment of Interest on Securities by company. 193 10,000.00 10% 10% ...
In addition, Section 194P was recently included to oblige banks to withhold tax from elderly citizens (over 75) who receive a pension and interest income from the bank. Example of TDS Check this example on how TDS work: Nature of Payment: Professional Fees Specified Rate: 10% If Mr. A ...
Form 26Q is used for TDS on additional income such as interest, bonus or any other sum owed to NRI or foreigners. Note: The government deductors need to specify “PANNOTREQD” on the form. Non-government deductors have to mandatorily furnish PAN. Form 27EQ – Statement for TCS (Tax ...
Non-Resident payments also come under the purview of Section 206AA. In those cases, foreign residents should take an Indian PAN and provide it, before the payment. Form 15g and 15h In case of certain payments (Eg. Interest), Deductee was permitted to declare on Form 15G / 15H for no...
FAQ on Impact on payments made to MSE’s & section 43B(h) applicability Following questions & Answers elated to specific tax & payment scenarios U/s 43B of the Income Tax Act, particularly related to payments made to Micro and Small Enterprises (MSEs) under the Micro, ... OTHERS USA Indi...
Interest (other than on securities) 10% 194C Payment to contractors/sub-contractors 1% (Individual/HUF), 2% (Others) 194I Rent (Land/Building/Machinery) 2% / 10% 194J Professional/Technical Services 10% Who is Required to File a TDS Return?