Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: VAT RATES :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: cpt :: ACCOUNTING STANDARDS
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

TDS relief for senior citizens; exemption limit raised
June, 05th 2007
Revised limit also to apply for time deposits in banks

Senior citizens who have made deposits under the Senior Citizens Savings Scheme will not be subjected to tax deduction at source (TDS) on interest earnings up to Rs 10,000 in a financial year.

This is because the Government has raised the threshold limit for exemption on TDS on the interest paid under this scheme to Rs 10,000, from the current level of Rs 5,000 in a financial year.

The Senior Citizens Savings scheme was launched in 2004 and offered 9 per cent interest to depositors aged 60 years and above.

A depositor can invest a maximum of Rs 15 lakh in the scheme, which has a lock-in period of five years.

Apart from the Senior Citizen Scheme, the Finance Ministry has also now hiked the threshold limit for TDS exemption for interest (other than interest on securities) paid by banking companies and cooperative societies engaged in the banking business.

The threshold limit has been pegged at Rs 10,000 as against the earlier specified amount of Rs 5,000 in a financial year.

The enhanced limit of Rs 10,000 would be effective from June 1, an official release said here on Monday. The move to raise the threshold limit, which was announced in Budget 2007-08, is expected to benefit a large number of fixed deposit holders and senior citizens.

With the threshold limit now raised, banking companies and cooperative societies engaged in banking need not deduct tax at source on their interest payments up to Rs 10,000 in a financial year to an Indian resident.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions