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TDS Changes in Budget 2015

TDS Changes in Budget 2015

Tax Deducted at Source (TDS) have not undergone a major changes in Budget 2015. Only few cosmetic changes were made with no changes in the current rate under any section.

But couple of these cosmetic changes needs to be kept in mind because these changes are going to have a direct impact on the middle class people.

1. TDS on Recurring Deposits made Applicable

TDS on Recurring Deposits in Budget 2015

Currently, TDS is not applicable on the interest earned from the recurring deposits. But Budget 2015 proposed to amend the definition of “Term/Time Deposit” u/s 194(3) to include Recurring Deposits and levy the similar tax as on Fixed Deposits.

Interest earned on Fixed Deposits is liable to tax and banks deduct TDS u/s 194A at the rate of 10% if yearly interest income exceeds Rs.10,000, the same tax treatment is proposed on the recurring deposits also.

So, w.e.f. from 1st June, 2015, Interest earned from Recurring Deposits are also liable to TDS if the interest exceeds Rs.10,000.



2. Relief on TDS on Life Insurance Proceeds

Previous year finance bill brought the provision to deduct TDS u/s 194DA, at the rate of 2% on the Life Insurance policies Proceeds of more than Rs.1 lak, that are not exempted from tax u/s 10(10D) i.e. where the yearly premium exceeds 10% of the sum assured.

The above said provision imposed TDS on all the individuals who receive proceeds of Life Insurance Policy, irrespective of their income being below the basic exemption limit.

Budget 2015 has amended the above provision by exempting policy holders who do not have income chargeable to tax from paying TDS on the proceeds of Life Insurance Policies.

TDS Changes in Budget 2015


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