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Higher TDS rates for non-files of income tax returns; TDS on immovable property. 1. Section 194IA of Income Tax Act, 1961. This provision is applicable in respect of transactions effected on or after June 1, 2013; It seeks deduction of tax at source on the transfer of certain immovable property other than agricultural land to a resident transferor.
This new law on TDS on cash withdrawal has come into effect from July 1, 2020. As per the provisions of section 194N of Income Tax Act, if a person withdraws more than 1 Crore from the specific payers, then the payers will deduct TDS on such transaction and deposit it. See also. Bank transaction tax; Currency transaction tax; References
Recurring deposit. A recurring deposit is a special kind of term deposit in India that is offered by Indian banks and India Post which helps people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits. [1] [2]
Banking fees can add up quickly, but they're easy to avoid. Learn about the best ways to avoid common charges, including monthly fees, wire transfer fees and more.
Traditional banks and credit unions are generally FDIC-insured up to a certain amount. This insurance means that your money across all checking and savings accounts at that bank is protected ...
In such cases, interest is paid at the rate applicable at the time of withdrawal. For example, a deposit is made for 5 years at 8% but is withdrawn after 2 years. If the rate applicable on the date of deposit for 2 years is 5 percent, the interest will be paid at 5 percent. Banks can charge a penalty for premature withdrawal.
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This form is directly related to the process of making a payment to a non-resident entity and deduction of Tax Deduction at Source (TDS) on the payment made, at the rates in force at the time. [3] As per Sub-Section (6) of Section 195 of the Income Tax Act of 1961, Form 15CA is required to be presented to the Reserve Bank of India before a ...