WHO ARE THE PERSONS REQUIRING TO DEDUCT THE TAX AT SOURCE 

The specified person *, who is responsible for paying to a resident any income by way of interest other than 'interest on securities', is required to deduct tax thereon at the rates in force.

  * A 'specified person' can be any of the following:

• Central Government

• Any State Government/any Local authority

• Any Central or State Corporations, established under Central/State Act

• Any Co-operative Society

• Any Company

• Any authority 

• Any registered society

• Any trust

• Any University 

• Firm

• Individuals and HUFs whose turnovers exceeds to limits:

  • Businesses: 40 Lakh

  • Professional Services: 10 Lakh
    

PLEASE NOTE:

• Person responsible for TDS shall be in the case of credit or, as the case may be, payment or any other sum chargeable under the provisions of this Act, the payer himself.
  
  However in case if the payer is a company, the company itself including the principal officer thereof.