Form 15g
This query is : Resolved
27 February 2013
Dear Friends,
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?
Thanks
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?
Thanks
27 February 2013
Companies cannot submit form 15G.
27 February 2013
No, 15G is for individuals.
Company can't take exemption for TDS on interest
Company can't take exemption for TDS on interest
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 ?
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
The company would have submitted certificate for lower deduction from Income Tax Authorities.
Form 15G cannot be submitted by a company.
Form 15G cannot be submitted by a company.
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27 February 2013
as CA Suraj cleared
Company can't get exemption, it is lower tax certificate u/s 197
due to this, TDS rate will be less
Company can't get exemption, it is lower tax certificate u/s 197
due to this, TDS rate will be less
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.
Thanks
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.
Thanks
27 February 2013
You need to apply to the Assessing Officer under whose jurisdiction your company falls.
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27 February 2013
Thanks Mr.Suraj for your vauble informations.
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