Tax Laws
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Nov 2025 Classes — Bank Promotions.
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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.
What is the enhanced TDS-free limit on bank interest for senior citizens?
Senior citizens enjoy a higher TDS exemption threshold of Rs 50,000 per year on bank interest income, compared to Rs 40,000 for non-senior citizens, as per Section 194A.
What is the rate of Securities Transaction Tax (STT) on equity delivery transactions?
0.1% on both buyer and seller for equity delivery.
Which form must a customer submit to avoid TDS deduction when income is below the taxable limit?
A customer must submit Form 15G (for non-senior citizens) or Form 15H (for senior citizens) to the bank to declare that their income is below the taxable limit and request non-deduction of TDS.
What is the minimum alternate tax (MAT) rate applicable to companies in India?
15% of book profits is the MAT rate.
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