Please correct me if iam wrong! 194a
This query is : Open
21 July 2017
> Tax on Income from bank interest at source, under sec 194A, is free of edn+higher edn cess of 3%
> While filling ITR this income is shown under 'Income from Other Sources' and gets added to gross total income and invites a cess of 3%
> Isn't this a contrary to the basic rule of keeping TDS under sec 194A cess-free ?
Tax slab is >10Lac
> While filling ITR this income is shown under 'Income from Other Sources' and gets added to gross total income and invites a cess of 3%
> Isn't this a contrary to the basic rule of keeping TDS under sec 194A cess-free ?
Tax slab is >10Lac
CA Rashmi Gandhi
(Expert)
21 July 2017
No, its not contrary. Its a rule which we have to follow. TDS deducted to reduced our tax liability.
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