priyanka1987
New member
TDS
Eight per cent taxable bonds, floated by the government in 2003, will attract tax deduction at source (TDS) from Friday on interest exceeding Rs 10,000 in a year.
"Tax is required to be deducted at source on the interest exceeding Rs 10,000 payable during the financial year on 8 per cent Savings (Taxable) Bonds, 2003 with effect from June 1, 2007," Reserve Bank of India (RBI) said in a communication to the banks.
The government has floated the eight per cent taxable bonds in 2003 with a maturity of six years. The interest was payable on non-cumulative bonds half yearly and cumulative bonds on maturity.
These bonds were initially exempted from TDS on the interest amount.
Regards,
Priyanka
Eight per cent taxable bonds, floated by the government in 2003, will attract tax deduction at source (TDS) from Friday on interest exceeding Rs 10,000 in a year.
"Tax is required to be deducted at source on the interest exceeding Rs 10,000 payable during the financial year on 8 per cent Savings (Taxable) Bonds, 2003 with effect from June 1, 2007," Reserve Bank of India (RBI) said in a communication to the banks.
The government has floated the eight per cent taxable bonds in 2003 with a maturity of six years. The interest was payable on non-cumulative bonds half yearly and cumulative bonds on maturity.
These bonds were initially exempted from TDS on the interest amount.
Regards,
Priyanka