TDS on Interest

This query is : Resolved

rajesh (Querist)
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04 January 2010 Dear Expert,

we have taken a security deposit from individuals (formers) @18% interest.

the interest amount exceeded the exemption limit of Rs.5000/- as per Sect 194 A (TDS on interest from other than banking company).

if we deduct the tds from such interest portion, normally we give TDS certificates.

but the certificate is not useful to the formers whose income is less than the maximum exemption limit.

my doubt is whethere is there any form which can restrict us for not deducting the tds on such interest?

Heera Nahariya

Heera Nahariya (Expert)
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04 January 2010 you can obtain form 15G, 15H from your depositers.