Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 194A Other Interest
S 194A Other Interest Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 194A Other Interest Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the meaning of S 194A in relation to other interest taxation? |  |
Ans. S 194A refers to Section 194A of the Income Tax Act, which deals with the taxation of income earned from sources other than interest, such as dividends, royalties, and commission. This section specifies the rate of tax deduction at source (TDS) on such income.
| 2. Which types of income are covered under S 194A? | |
Ans. S 194A covers various types of income, including interest on fixed deposits, interest on savings accounts, interest on recurring deposits, and interest earned from corporate bonds or debentures. It does not apply to interest earned on government securities or certain specified bonds.
| 3. What is the current rate of TDS under S 194A? | |
Ans. The current rate of TDS under S 194A is 10%. However, if the recipient's income exceeds Rs. 50 lakh in the previous financial year, the rate of TDS increases to 20%.
| 4. Are there any exemptions or deductions available under S 194A? | |
Ans. Yes, there are certain exemptions and deductions available under S 194A. For example, senior citizens (aged 60 years or above) can claim a deduction of up to Rs. 50,000 on interest earned from deposits with banks, post offices, or cooperative societies. Additionally, individuals can claim deductions under other provisions of the Income Tax Act, such as Section 80C, for specific investments or expenditures.
| 5. What are the consequences of not deducting TDS under S 194A? | |
Ans. If TDS is not deducted as required under S 194A, the payer may be liable to pay interest on the amount that should have been deducted. The interest is calculated at 1% per month or part of a month from the date on which TDS should have been deducted until the date of actual deduction. Additionally, penalties may be imposed by the tax authorities for non-compliance with TDS provisions.
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Dec 20, 2024 Last updated |
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