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New Law from April 1: CBDT Clarifies TDS Rules on Bank Interest

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CBDT Clarifies TDS Rules for Banking Companies Ahead of New Law on April 1

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CNBC Awaaz•30-03-2026, 23:04

CBDT Clarifies TDS Rules for Banking Companies Ahead of New Law on April 1

•CBDT clarifies 'banking company' definition for TDS on interest under new Income Tax Act 2025.
•New law replaces Income Tax Act 1961, effective April 1, 2026.
•Clarification ensures simplification goal of new act and protects banking institutions' status.
•Existing TDS rules under Section 194A for interest income remain largely unchanged.
•Taxpayers will not face TDS on interest below prescribed limits; senior citizens retain higher exemptions.

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