Income tax returns (ITR) filing: You don't have to pay tax under this amount

Jul 17, 2018, 12:42 PM IST
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The Income-tax Act has prescribed a different threshold limit for deduction of tax at source under various sections. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source.

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1. No deduction of tax at source from salaries: If net taxable income is less than the maximum amount which is not chargeable to tax (i.e. Rs 2,50,000 for an individual other than senior citizen, Rs 3,00,000 for Senior Citizens and Rs 5,00,000 for Super Senior Citizens). Image source: PTI

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2. No TDS from payment of accumulated balance of provident fund account due to an employee: If taxable premature withdrawal amount is less than Rs 30,000. (Rs 50,000 w.e.f. 1-6-2016). Image source: PTI

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3. No TDS from interest paid on debentures issued by a company in which public are substantially interested. Provided interest is paid by account payee cheque to resident individual or HUF: If amount of interest paid during the financial year does not exceed Rs 5,000. Image source: PTI

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4. No TDS from interest paid on 8% Saving (Taxable) Bonds 2003 or 7.75% Savings (Taxable) Bonds, 2018 (applicable from A.Y 2019-20) to resident persons: If amount of interest  paid or likely to be paid during the financial year does not exceed Rs 10,000.Image source: PTI

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5. No TDS from interest on 6.5% Gold bonds, 1977 or 7% Gold bonds, 1980 paid to resident individual: If bonds held by other than non-resident individual (or behalf of any other person) and makes declaration to the payer that the nominal value of such bonds does not exceed Rs 10,000 at any time during the period to which interest relates. Image source: Reuters

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6. No TDS from dividend paid by Indian company by an account payee cheque to individual: If aggregate amount of dividend paid or credited during the financial year does not exceed Rs 2,500. Image source: Reuters

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7. No TDS from interest other than on securities paid by a banking company or co-operative society engaged in carrying on the business of banking: If amount of interest  paid or credited on time deposit during the financial year exceeds Rs 10,000 (for all type of payee)/Rs 50,000 (from 01/04/2018 if payee is resident senior citizen). Image source: Reuters

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8. No TDS from interest on any deposit with a post office under Senior Citizens Saving Scheme Rules, 2004 (Notified scheme): If amount of interest  paid or credited on time deposit during the financial year exceeds Rs 10,000 (for all type of payee)/Rs 50,000 (from 01/04/2018 if payee is resident senior citizen). Image source: Reuters

 

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9. No TDS from interest other than on securities if payer is any other person other than post office or banking company or co-operative society engaged on the banking: If amount of interest paid or credited on time deposit during the financial year exceeds Rs 5,000. Image source: Reuters

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10. No TDS from Lottery / Cross Word Puzzles: If amount paid during the financial year does not exceed Rs 10,000. Image source: Reuters

 

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