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IT / TDS

Tax Guide

SPLIT

What is TDS code 1033, 1034, 1035 — interest income?

Key mapping

Code 1033 = bank interest (non-senior citizen) at 10%, threshold ₹40,000. Code 1034 = bank interest (senior citizen) at 10%, threshold ₹1,00,000. Code 1035 = non-bank interest at 10%, threshold ₹5,000.

Explanation

Under IT Act 2025 §393, old Section 194A for interest is split into three codes. Code 1033: interest from banks/co-operative banks for non-senior citizens — 10% rate, ₹40,000 threshold per bank. Code 1034: interest from banks for senior citizens (aged 60+) — 10% rate, ₹1,00,000 threshold. Code 1035: interest from non-banking sources (NBFCs, companies, deposits) — 10% rate, ₹5,000 threshold. Interest on securities (bonds, debentures) may fall under separate provisions.

Related terms and sections

103310341035interest incomebank interestsenior citizenFD interest10 percent194Asection 393

Use this in practice

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Related sections

IT Act 2025 Section Mapper →All IT Act changes →

All section references are sourced from the Income Tax Act 2025 (official gazette, incometaxindia.gov.in) and cross-referenced against CBDT's comparative statement. Always verify on the official portal before filing. This page is for reference only and does not constitute legal or tax advice.