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 the deductee is not provided PAN, the deductor is TDS deducted at a higher rate than 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, a Quantum of deduction u/s 80 TTB for senior citizens is applicable for Rs. 50000/- per year of the total payment.
People also ask :
-
Is TDS deducted on loan?
-
What is rate of TDS on interest?
-
Who is liable to deduct TDS on interest?
-
What is the percentage of TDS on interest?
-
What is the exemption limit for TDS?
-
How can I check my TDS deduction?
-
Is TDS applicable on unsecured loan?
-
How can I save TDS on FD interest?
-
What is the rule of TDS deduction?
-
How is FD interest calculated on accrued interest?
-
What is accrued interest with an example?
-
Is accrued interest a debit or credit?
-
What is the meaning of accrued interest?
-
What is the difference between interest and accrued interest?
-
Is interest paid an expense?
-
What type of account is interest earned?
Important Income Tax Topic in India
TDS on Interest on Loan Related Query :
-
Tds On Interest On Loan From Bank
-
Tds On Interest On Loan From Financial Institutions
-
Tds On Loan From Huf
-
Tds On Loan From Individual
-
Tds On Interest On Securities
-
Tds On Unsecured Loan Fy 2018-19
-
Tds On Interest Rate
-
Tds On Interest On Fd
Our Important Tropic | |
Income Tax Office | TDS Rates |
Tax Slabs | 80C Deduction |
Income Tax Efiling | Income Tax Return |
Tax calculation | Tax Calculator |
Contact Number | Complain Number |