* Other than Individual or HUF (except those covered u/s 44AB)
NOTE-1 No ITR filing by senior citizen if all the following conditions are satisfied:
1. The senior citizen is resident in India.2. He is of the age of 75 years or more during the previous year.3. He has only pension income and may also have interest income from the same bank (specified bank) in which he is receiving his pension income;4. He has furnished a declaration in Form 12BBA to the specified bank. 5. Specified bank would be required to compute income after giving effect to deductions allowable under Chapter VI-A and rebate under section 87A and deduct Income Tax on the rates in force.6. As per Notification no. S.O. 3595(E) dated 2nd Sep, 2021, specified banks means a banking company which is a scheduled bank and has been appointed as agents of RBI u/s 45 of the RBI act. Most of the major public sector banks, Private sector banks &foreign banks are covered.
Surcharges & Education Cess
Interest for failure to deduct tax at source/delay in payment of TDS
As per act twice the rate of rate in force
***TDS is to be deducted on the amount of consideration paid by the transferee to the transferor This section does not take into account the stamp duty value of the immovable property, whereas, as the provisions of section per 43CA and 50C of the Act, for the computation of income under the head “Profits and gains from business or profession” and “capital gains” respectively, the stamp duty value is also to be considered. Thus there is inconsistency in the provisions of section 194-IA and sections 43CA and 50C of the Act.
10 Lakhs per transaction
(a) if the remittance is a loan obtained from any financial
instituted as defined in section 80E, for the purpose of Persuing any
(b) id the remittance is other than mentioned in (a) above.
(b) 5% (applicable from 01.10.2020)
0.5% (applicable from 01.10.2020)
> 1 crore
> 10 crore