further for the every assessment year said fd interest is applied and used for the propose of trust (revenue and capital expenditure). and hence trust has (no/nil) income tax liability for every year.
on submission of 15G to bank for Fy 16-17, bank has informed trust, As trust income is more than rs. 300000/- bank can not accept 15G . and tds will be deducted.
can religious trust filed 15g with bank for non deduction of tds, having interest income more than Rs. 300000/-
26 April 2016
u/s 197a 15g only filed if your total income not exceeds exempt limit income not be tax. there is not say the you are not liable to pay tax. so you cannot file 15G for trust interest income. due to its income exceeds exempt limit.
26 April 2016
sir, what is exempted limit for trust in income tax ? if their is no exempted limit in income tax for trust, than no trust can filed form 15G for non deduction.... however as per 15G declaration for non deduction can be filed by individual or (person not being firm or company) so trust can filed 15G... what to do in this matter.