Section 194P: Tax deduction by specified banks while making payments (pension or interest) to specified senior citizens or age 75 years or more. Tax on total income as per rates in force Section 194Q: Payments to residents for the purchase of goods if the aggregate value of goods exceeds ...
The TDS on fixed deposit is applicable only if the interest earned on an FD in a financial year exceeds INR 40,000. This threshold amount is INR 50,000 in the case of for senior citizens. Open a DBS Bank Account Now What are the Different TDS Rates on FD Based on Your Residency Status?
As mentioned earlier TDS is a certain percentage deducted at the time of payments of various kind such assalary, commission, rent, interest on dividends etc.The various payments for which TDS is deducted,Threshold limit(above which TDS is deducted), therateat which it is deducted for Resident ...
Update on the Budget for 2021:It has been proposed to exempt senior individuals from submitting income tax returns if their only source of annual income is pension and interest income. In addition, Section 194P was recently included to oblige banks to withhold tax from elderly citizens (over 75...
year 2012-13 or Assessment Year 2013-14 exemption is Rs 2,00,ooo for men and women and Rs 2,50,000 for Senior citizens,(60-80 years), Rs 5,00,000 for citizens above 80 years.Income Tax rates Since AY 1992-1993has all the income slabs and exemptions since Assessment Year 1992-193...
The United States-Mexico-Canada Agreement (formally “NAFTA”) is a popular non-immigrant work permit option for Canadian and Mexican citizens to obtain a NAFTA Professional (“TN”) visa and work in the U.S. temporarily. One of the unique benefits for Canadian citizens who apply for a TN...
It comes under theSec 194 IA, the Income Tax Act1961. Section 194-IA is applicable to all including relatives, minor, senior citizens etc. However, if transfer is a gift, then one does not have to pay TDS.The main objective for introducing this rule is to track all the high value rea...