meabhijit (Project Manager) (172 Points)
09 February 2013Hi,
With respect to Retail Govt Bonds (G Sec/ GOI) is the following applicable for FY2012-2013?
1. There is no TDS on the interest payments till limit of 10,000Rs?
2. Interest on G-Secs is eligible for a higher exemption under Section 80L of upto Rs.3,000/- over and above the normal limit of Rs. 12,000/-
Thanks in advance
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 10 February 2013
1. There is no TDS on the interest payments till limit of 10,000Rs?
TDS if banks the limit is 10000.
TDS if others the limit is 5000.
2. Interest on G-Secs is eligible for a higher exemption under Section 80L of upto Rs.3,000/- over and above the normal limit of Rs. 12,000/-
Section 80L has been deleted from income tax act w.e.f. 01-04-2006.
CAclubindia
