01-April-2026
Taxation
 
All banking companies to deduct TDS on interest income beyond Rs 50,000 a year
31-Mar-2026

The income tax department on Monday said "banking company" governed by the provisions of the Banking Regulation Act, 1949, will deduct TDS on interest income beyond the prescribed threshold. Under the Income Tax law, the tax is to be deducted at source if the interest income from bank/post office deposits exceeds Rs 50,000 for ordinary citizens, or Rs 1 lakh for senior citizens, in a financial year.

News Source:- https://economictimes.indiatimes.com/industry/banking/finance/banking/all-banking-companies-to-deduct-tds-on-interest-income-beyond-rs-50000-a-year/articleshow/129902051.cms
 
 
 

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