TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens

-

F. No. Pr. DGIT(S)/CPC(TDS)/Notification/2018-19
Government of India
Ministry of FinanceCentral Board of Direct TaxesDirectorate of Income-tax (Systems)New DelhiNotification No. 06 /2018New Delhi, 06th December, 2018Subject: - TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens - reg.
It has been brought to the notice of CBDT that in case of Senior Citizens, some TDS deductors/Banks are making TDS deductions even when the amount of income does not exceed fifty thousand rupees. The same is not in accordance with the law as the Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees. (Please refer to the third proviso to sub-section 3 of section 194A)
2. Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified.
3. In exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby clarifies that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.
Sd/-
(Dewangi Marthak)
Asstt. Commissioner of Income-tax(CPC-TDS)
O/o the Pr. Director of Income-tax (Systems)
New Delhi

Comments

Post a Comment

Popular posts from this blog

GREAT HOPE : Grant of notional increment to govt servants Superanuated on 30th june or 31st December-reg dated 26th June 2023

-
Image
  Grant of notional increment to Govt servants superannuated on 30th June or 31st December – Further action will be taken on completion of the consultation process: DoP&T 19/1/2023PersPolicy[Pay(Promotion)] 1/3026765/2023 19/1/2023 Pers Policy [Pay (Promotion)] Government of India Ministry of Personnel, Public Grievances and Pensions Department of Personnel & Training North Block, New Delhi Dated June, 2023 To Shri Ramsahay Vijay Email: rsvijayvargia[at]gmail.com Subject: Grant of notional increment to Govt servants superannuated on 30th June or 31st December-reg Sir, I am directed to refer to your email dated 06.06.2023 in the matter involving grant of notional increment to the Central Government employees who superannuated on 30th June or 31st December in light of the Order of Hon’ble Supreme Court dated 11.04.2023 in the case of KPTCL v/s C.P. Mundinmanian and dismissal of SLP No.4722/2021 filed by UOI in order dated 19.05.2023. 2. In this regard it is informed that action i
Read more