Tag: Income Tax Act

TDS on the interest income accrued to the minor is required to be deducted against PAN of the minor child– incase both the parents of minor are dead

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It has been brought to the notice of CBDT that in cases of minors whose both the parents have deceased, TDS deductors/ Banks are clubbing the interest income accrued to… Read more »

Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961

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The Income Tax (I-T) department will now add interest amount to a delayed refund made on excess tax deducted at source (TDS) cuts and will also not litigate with the… Read more »

Tax is not to be deducted at a higher rate of 20 percent under Section206AA of the Income-tax Act when the benefit of tax treaty is available

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Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) held that there is no scope for the tax deduction at source (TDS) at a higher rate of 20… Read more »