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TAX LAWS
Under the Income Tax Act, 1961, what is the threshold limit for Tax Deducted at Source (TDS) on interest income from bank deposits for a non-senior citizen?
TDS is deducted at 10% when interest income from bank deposits exceeds Rs. 40,000 per financial year for a non-senior citizen. Senior citizens enjoy a higher threshold of Rs. 50,000.
What is the rate of surcharge applicable on income tax for domestic companies with taxable income exceeding Rs. 10 crore?
12% surcharge is levied on income tax payable.
What is the purpose of Form 15G and Form 15H submitted to banks by depositors?
Form 15G (for individuals below 60 years) and Form 15H (for senior citizens) are self-declarations submitted to banks requesting that TDS not be deducted, provided the depositor's total income is below the taxable limit.
Under which section of the Income Tax Act are banks allowed to claim deduction for interest on bad or doubtful debts?
Section 43D allows recognition of income on cash basis for bad debts.
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