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TDS on National Savings Scheme and Repurchase of Units

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TDS on National Savings Scheme and Repurchase of Units

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Questions and Answers

What happens if the payee does not furnish his PAN to the payer?

The TDS rate shall be the rate as per the respective section

No TDS is required to be deducted

The TDS rate shall be reduced by 5%

The TDS rate shall be 20% or the rate as per the respective section, whichever is higher (correct)

In which section is the TDS rate specified if the payee does not furnish his PAN to the payer?

Sec 195

Sec 192

Sec 194

Sec 206AA (correct)

What is the TDS rate on interest on securities?

The rate as per the respective section (correct)

20%

10%

Who is responsible for deducting TDS on salary?

The employer Signup and view all the answers

What is the consequence of not deducting TDS on winnings from lottery?

Penalty of 100% of the amount Signup and view all the answers

What is the TDS rate on insurance commission?

The rate as per the respective section Signup and view all the answers

Who is required to deduct TDS on rent?

Certain individuals Signup and view all the answers

What is the consequence of not furnishing PAN to the payer?

Higher TDS rate Signup and view all the answers

What is the TDS rate on payments to non-residents?

The rate as per the respective section Signup and view all the answers

What is the consequence of not deducting TDS on professional fees?