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

If you are filing Income-tax Return then you don’t have to pay tax under this specified amount. Here you can find the following points below:

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 a senior citizen, Rs 3,00,000 for Senior Citizens and Rs 5,00,000 for Super Senior Citizens).

2. No TDS from payment of the 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).

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 the amount of interest paid during the financial year does not exceed Rs 5,000.

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 the amount of interest paid or likely to be paid during the financial year does not exceed Rs 10,000.

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.

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

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).

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).

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

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

About the Author: Priyanka Sharma

Hi! I'm Priyanka Sharma and I'm a writer, blogger, and author. I found blogging to be a great medium for sharing my favourite things with the world. I have a passion for writing and dream that someday I'll reach a wider audience and show what I can really offer.

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