Declaration in Form 15G/15H

This query is : Resolved

RIMPI SINGHAL (Querist)
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02 July 2008 Sir/Madam,

When interest is given to party quarterly and is less than or equal to exemption limit, then declaration in form from party for non deduction of tds is to be taken quarterly or monthly as it dues every month.But payment is done quarterly.

CA Anand Sarda

CA Anand Sarda (Expert)
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02 July 2008 which exemption limit?
Is it basic exemption limit or limit for tds on interest. ?

If it is below the limit of TDS on interest then no need to deduct tds and not required to obtain any form.

If it is basic exemption limit then the form has to be obtained once a year. It is not on every payment. It will be for a particular year.