2015 (2) TMI 1373

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..... ction 194-A(3)(ix) of the Income Tax Act, 1961 grants exemption from payment of tax on the interest component up-to a sum of Rs.50,000/-. This exemption has to be claimed by the respondent/claimants by filing necessary returns before the assessing authority. It is the statutory obligation of the petitioner-Insurance Company to deduct the TDS from the entire interest component and deposit the same .....

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..... 000/-. The petitioner-Insurance Company deposited the aforesaid amount with interest in a sum of Rs.1,42,802/- after deducting TDS on the interest component in a sum of Rs.28,560/-. This amount was deposited by the petitioner-Insurance Company with the Income Tax authorities and a certificate has been issued to that effect to the claimants. 2. The respondent/claimants have filed Ex.Case No.80/2 .....

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..... ce Company to deposit a sum of Rs.10,000/- deducted by it towards TDS. Section 194-A(3)(ix) of the Income Tax Act, 1961 grants exemption from payment of tax on the interest component up-to a sum of Rs.50,000/-. This exemption has to be claimed by the respondent/claimants by filing necessary returns before the assessing authority. It is the statutory obligation of the petitioner-Insurance Company t .....

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