TDS on interest
This query is : Resolved
21 May 2009
dear all
what is the meaning of "securities" for purpose of tax dedn at source for interest on securities??
what is the meaning of "securities" for purpose of tax dedn at source for interest on securities??
22 May 2009
There is no specified defination of "securities" in Income Tax Act regarding deduction of TDS on it.....But it generally include- Listed Debenture, Non listed debenture...and IT Act, specically determine the securities on which no TDS to be deducted on its interest...such as National defence Bonds, 7 year national saving certificate, gold Bonds,on some listed debentures- whose interest is paid by account payee cheque and interest doesnot excedds Rs. 2500/-,etc.
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