Section 194a
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Sec 194a which provides for deduction of interest other than interest on securities has been subject to constant amendment leading to pandora s box of litigation.
Section 194a. A prior section 194 was renumbered section 194a of this title. Section 194a deals closely with tds deduction on the interest that is other than interest on the securities such as interest on the fixed deposits interest on the advances and loans that are other than banks. 10 000 bank is liable to deduct tds 10 on the whole amount of interest i e rs.
Section 194a deals with deduction of tds on interest other than interest on securities like interest on fixed deposits interest on loans and advances other than banks. Section 194a of income tax act provides for deduction of tds on payment made regarding interest. 109 135 403 i 1 a reenacted heading without change and amended text generally.
What is the rate of tds u s 194a. For example if bank pays rs. A allowance of deductionthere shall be allowed as a deduction for the taxable year an amount equal to the amount 1.
Thus the provisions of section 194a are not applicable in case of payment of interest to a non resident. So let s dive in and understand the provisions related to section 194a. The scope of sec 194a has been recently widened by finance act 2020 thereby increasing the confusion among the co operative societies.
As per section 194a deductor has to deduct tds irrespective of whether the interest other than on securities is paid to individuals hufs companies or firms herein after referred to as the deductee. Interest on securities is not covered under this section. 15 000 interest on fixed deposit to a customer.
However it may be noted that 194a deals with payment of interest made to indian residents. This means any interest in security issued by the government and interest on debentures securities issued by the company a corporation or local authority. Section 194a specifically excludes interest on securities.
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