At what rate, will the tax be deducted at source with effect from 1st April, 2010 by a banking company, responsible for paying to a resident any income by way of interest other than interest on securities amounting to mo

CS Executive · Tax Laws and Practice · PYQS · December 2014
At what rate, will the tax be deducted at source with effect from 1st April, 2010 by a banking company, responsible for paying to a resident any income by way of interest other than interest on securities amounting to more than ₹10,000, when the payee does not furnish his PAN to deductor —
(A) 10%
(B) 20%
(C) 30%
(D) 40%.

Answer & Explanation:

Correct Answer: Option (B)

Correct answer: (B) 20%. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.

Topics: Income Tax Act, 1961

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