I am working in one IT company. We have fixed deposit in XXX bank, they have deduct TDS 10% for the Interest on fixed deposit. We want to avoid TDS deduction at the time of FD mature. Now I want to know Companies are eligible for Form No 15G or not.If we are eligibile, how can we get it?
27 February 2013
Thank you Mr.Suraj and Mr.Prashant
We are paying consultancy service charges to XXX Ltd, we have to deduct TDS 10% on that, As per that we are deducting the same .But I have check with our last year accounts, up to Mar-2012 we have deducted only 5% TDS on their payment because they have submited Form 15G , now it's expired.so now we are deducting 10% TDS on their payment.
Just now you have said "Companies can't get exembtion for TDS on interest" then how can they got 5% TDS deduction ?
27 February 2013
Thank you Mr.Suraj and Mr.Prashant
How can we get this certificate and where can I apply for that? Because our company has haeavy tds on income every year, Where tds far exceeds our tax liability, tax refund process takes long time. So we want avoid to blocking of funds.
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