18 May 2016
Hello Good Morning I want to know that if Public Trust having saving Account in bank. and also have fixed deposit in bank and getting interest on fixed deposit., and bank has deducting 10% TDS on Interest. is Trust is Applicable by filling the Form of 15G to the bank for not to decuct Tax . as Trust is not liable for Income Tax.
18 May 2016
yes ,Trust can file a declaration in Form 15G Form 15G (See section 197A (1), 197A (1A) and rule 29C) Declaration under section 197A(1) and section 197A(1A) of the Income Tax Act, 1961 to be made by an individual or a person (not being a company or firm) Claiming certain receipts without deduction of tax
As per the Form 15G heading, the Form 15G can be filled by “an individual or a person (not begin a company or firm). The Income Tax Department has defiled the word “Person” in their Income Tax Act-1961 under the section 2(31) which is printed below. The form has excluded Company and Firm from filling the Form 15G saying “a person (not begin a company or firm)”. That means every person as defined U/S 2(31)can fill the From 15G except Company and a Firm.
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