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Tax Laws
What is the current rate of Tax Deducted at Source (TDS) on interest income exceeding Rs 40,000 from bank deposits for non-senior citizens?
TDS is deducted at 10% on interest income exceeding Rs 40,000 per year from bank deposits for non-senior citizens, as per Section 194A of the Income Tax Act.
What is the threshold limit for TDS on interest from bank deposits for senior citizens?
Rs 50,000 per financial year for senior citizens.
Under which section of the Income Tax Act is TDS on interest other than securities governed?
TDS on interest other than securities (including bank fixed deposit interest) is governed under Section 194A of the Income Tax Act, 1961.
Under which section of the Income Tax Act is TDS on rent paid to residents governed?
Section 194I governs TDS on rent payments.
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