The Center relaxed the provisions of the 1961 Income Tax Act in connection with the Scheduled Bank paying interest on TDS to members of the Scheduled Castes and Scheduled (ST) community on Friday.
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In this order, the Ministry of Finance said, “The next payment under Article 194A of the Act, that is, the planned bank other than interest on securities (hereinafter, as provided in Article 10 (26) of the Act, in a specific area. A “payer” who resides in a particular area for a member of the tribe to live in (the “recipient”).
“The purchase order states,” The payer is a member of a designated tribe in which the payee resides in a particular area, and as stated in Article 10 (26) of the Act, the above payments occur to the payee. Or make sure it is occurring, by obtaining the necessary documentation to support it during the previous year related to the valuation year in which the payment is made.
The central government will relax the provisions of TDS u / s 194A in the Income Tax Act of 1961, taking into account section 10 (26) of the law.
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— PIB India (@PIB_India) September 18, 2021
“The order further stated that the sum of payments made or payments made during the previous year would not exceed Rs 20.
“Scheduled Bank” means a bank included in the Second Schedule of the Reserve Bank of India Act of 1934.
Great peace of mind for the ST community!Center relaxes TDS provisions of Income Tax Act
Source link Great peace of mind for the ST community!Center relaxes TDS provisions of Income Tax Act