TDS on Interest on Loan | Complete Guide to TDS on Interest { NEW }

 

As per the Income Tax Act, 1961, TDS on Interest on Loan is applicable when the deductee has provided its Pan Number to the deductor. otherwise, if deductee not provided PAN, the deductor is TDS deducted at a higher rate as 20% of the total payment.

 

Also, As per the Income Tax Act, 1961, TDS on Interest on Loan will be  deducted list of Payment given Below :

 

Income Tax efiling to  Click Here

Income Tax Refund to  Click Here

E payment Income Tax to  Click Here

 

TDS on Interest other than  Interest on securities / Interest on Loan ( 194A)

Section Nature of Payment  15G-15H TDS Rate for Resident TDS Rate for Non Resident
194A Saving Bank Interest Yes 10% Interest (Banks) above Rs.40000 PA / Senor Citizen Above Rs. 50000 PA NA
194A Fixed Deposit Interest Yes 10% Interest (Banks) above Rs.40000 PA / Senor Citizen Above Rs. 50000 PA NA
194A Post Office Interest Yes 10% Interest (Banks) above Rs.40000 PA / Senor Citizen Above Rs. 50000 PA NA
194A
 		 Other Company Interest Yes 10% Interest (Banks)above Rs.5000 PA NA

 

Quantum of deduction u/s 80 TTB  for senior citizens :

 

As per the Income Tax Act, Quantum of deduction u/s 80 TTB  for senior citizens is applicable for Rs. 50000/- per year of the total payment.

 

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TDS on Interest on Loan

TDS on  Loan

 

 

TDS on Interest on Loan Related Query :

 

 

TDS on Loan As per the Income Tax Act, 1961, TDS on Loan is applicable when the deductee has provided its Pan Number to the deductor. otherwise, if deductee not provided PAN, the deductor is TDS deducted at a higher rate as 20% of the total payment. Also, As per the Income Tax Act, 1961, TDS on Loan will be  deducted list of Payment given Below :