Income Tax

NO TDS u/s 194A to Scheduled Tribes by scheduled banks located in in NE States & Ladakh Region
 
No TDS u/s 194A on interest payments up to Rs. 20 lakhs  to Scheduled Tribes by scheduled banks located in a specified area in North Eastern States and Ladakh Region
 
Sub-section (1F) of section 197A of the Income-tax Act, 1961 provides that no deduction of tax shall be made, or deduction of tax shall be made at such lower rate, from such payment to such person or class of persons, including institution, association or body or class of institutions, associations or bodies, as may be notified.
 
Accordingly, the members of Scheduled Tribes in NE States and Ladakh have been notified to which payment of interest can be made by the scheduled banks located in a specified area without deduction of TDS subject to the following conditions:
 
(i) the payer satisfies itself that the receiver is a member of Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in clause (26) of section 10 of the said Act, during the previous year relevant for the assessment year in which the payment is made, by obtaining necessary documentary evidences in support of the same;
 
(ii) the payer reports the above payment in the statements of deduction of tax as referred to in sub-section (3) of section 200 of the said Act;
 
(iii) the payment made or aggregate of payments made during the previous year does not exceed twenty lakh rupees.
 

Download CBDT Notification No. 110/2021 Click Here >>

 

----------- Similar Posts: -----------
Share
Leave a Comment

Recent Posts

  • Income Tax

Mere technical mistake in return cannot be a ground of disallowing a claim

Mere technical mistake made by assessee while filing up return cannot be a ground of disallowing the claim when such…

3 hours ago
  • Income Tax

Capital gain deduction u/s 54B for land purchased in wife’s name SC stays HC Order

Denial of Capital gain deduction u/s 54B for agricultural land purchased in the name of wife Supreme Court stays High…

5 hours ago
  • Income Tax

Surrounding circumstances, prudent investor behaviour key to creditworthiness

CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness…

7 hours ago
  • GST

HC frowns at Provisional attachment orders under GST not lifted on expiry of one year

High Court frowns at Provisional attachment orders passed u/s 83(1) GST lifted only their illegality being questioned In a recent…

10 hours ago
  • Income Tax

In Faceless assessment grant of opportunity of personal hearing not optional for AO

In Faceless assessment grant of opportunity of personal hearing is not optional at discretion of the Assessing Officer its waiver…

11 hours ago
  • Income Tax

CBDT Guidelines for compulsory selection of return for complete scrutiny FY 2024-25

CBDT Guidelines for compulsory selection of return for compulsory scrutiny during FY 2024-25   CBDT Guidelines for compulsory selection of…

1 day ago