Please click here to know more about Section 194A of the Income Tax Act: [ Ссылка ]
Section 194A deals with deduction of TDS on interest other than interest on securities like Interest on Fixed Deposits, Interest on Loans and Advances other than banks. This section is only applicable to a resident. In case of payment of interest to a non-resident, the TDS should be deducted as per Section 195.
The Payer/Deductor shall deduct TDS under Section 194A, if the amount of such interest paid or credited OR is likely to be paid or credited in a financial year, exceed
1. Rs.40,000 where the payer is a banking company, a bank, a banking institution, co-operative society or the post office
2. Rs.5,000 in any other case
The TDS limit for senior citizens is Rs 50,0000 from FY 2018-19. However, the interest amount should be earned from the deposits with banks or post offices, fixed deposit schemes and recurring deposit schemes.
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