30 March 2012
Sir, A relative of mine had given Rs. 250000/- to a pvt. ltd. for loan purpose..But by mistake person in-charge didn't recognized it as Loan received but as advance received. How the scenario is No 15G was submitted so it cannot be treated as interest because he dont want that Pvt. Ltd. to deduct TDS on the same. So is there any other option to get the amount along with interest component in cheque ? pls sir reply as soon as possibe.. Thanks
30 March 2012
Dear Friend, For getting interest without TDS your have to apply to your concerned ITO for a Lower / Non Deduction of TDS on interest portion. You have to submit your income proof that your total income does not exceed the minimum limit fixed by the government. You have to submit the certificate to the company. Thanks
CAclubindia
