Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 193. TDS on Interest on Securities
S 193. TDS on Interest on Securities Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 193. TDS on Interest on Securities Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the meaning of TDS on Interest on Securities taxation? |  |
Ans. TDS on Interest on Securities taxation refers to the tax deducted at source on the interest earned from securities such as bonds, debentures, and government securities. It is a mechanism through which individuals or organizations deduct a certain percentage of tax before making payments to the recipient of interest income.
| 2. How is TDS on Interest on Securities calculated? | |
Ans. TDS on Interest on Securities is calculated as a percentage of the interest earned. The rate of TDS may vary depending on the type of security and the applicable tax laws. For instance, if the TDS rate is 10% and the interest earned is $1,000, the deducted tax would be $100.
| 3. Who is responsible for deducting TDS on Interest on Securities? | |
Ans. The responsibility of deducting TDS on Interest on Securities lies with the individual or organization making the payment of interest income. For example, if a company issues bonds and pays interest to bondholders, the company is responsible for deducting and depositing the TDS.
| 4. Are there any exemptions or thresholds for TDS on Interest on Securities taxation? | |
Ans. Yes, there are certain exemptions and thresholds for TDS on Interest on Securities taxation. For example, if the total interest income in a financial year does not exceed a specified limit, individuals can submit Form 15G or 15H to the deductor, declaring that they are not liable to pay tax. This exempts them from TDS.
| 5. How can one claim a refund for excess TDS on Interest on Securities deducted? | |
Ans. To claim a refund for excess TDS on Interest on Securities deducted, individuals can file their income tax returns. In the income tax return, they can provide details of the TDS deducted and claim the refund for the excess amount. The refund will be processed by the tax authorities after verifying the return and deducting any outstanding dues.
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Dec 20, 2024 Last updated |
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