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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi Notification No. 110/2021-Income Tax Dated: 17th September, 2021 S.O. 3815(E). -In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that no deduction of tax shall be made on the following payment under section 194A of the said Act, namely payment in the nature of interest, other than int
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FAQ :
Members of Scheduled Tribes residing in a specified area, who receive interest payments from a scheduled bank located in a specified area, are eligible.
The notification covers interest payments, other than interest on securities, made by a scheduled bank to a member of a Scheduled Tribe.
Yes, the payment made or the aggregate of payments made during the previous year must not exceed twenty lakh rupees.
The bank must verify that the recipient is a member of a Scheduled Tribe residing in a specified area, obtain documentary evidence, and report the payment in tax deduction statements.
The notification comes into force from the date of its publication in the Official Gazette.
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Notification No : 110/2021-Income TaxPublished in Income Tax
Source : https://incometaxindia.gov.in/communications/notification/notification-no-110-2021.pdf.pdf