Quick Summary
The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(the Act) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namelypayment in the nature of interest, other than interest on s
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FAQ :
The Central Government has announced that Scheduled Banks will not need to deduct TDS on interest payments made to members of Scheduled Tribes residing in specified areas, as per section 10(26) of the Act.
Members of Scheduled Tribes residing in specified areas who receive interest payments from Scheduled Banks benefit from this relaxation.
The bank must verify the recipient is a Scheduled Tribe member residing in a specified area, ensure the payment accrues as per section 10(26), report the payment, and the total payment must not exceed twenty lakh rupees in a financial year.
A 'Scheduled Bank' is defined as a bank included in the Second Schedule of the Reserve Bank of India Act, 1934.
Yes, the aggregate of payments made to a recipient during the previous year must not exceed twenty lakh rupees for the TDS exemption to apply.
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