09 April 2008
Senior Citizen OF AGE 65 OR MORE are only eligible to file the Declaration in Form 15H . Declaration under section 197A (1A) of the Income-Tax Act, 1961 to be made by a person (not being a company or a firm)claiming receipt of interest on Securities and interest other than “Interest on securities” or income in respect of units without TDS.
THEREFORE IT IS EVIDENT THAT THE INCOME REFERRED BY YOU IN YOUR QUERY DOES NOT RELATE TO ANY OF CATEGORIES STATED IN SEC 197 A .THEREFORE FORM 15 H IS NOT APPLICABLE IN YOUR CASE.
IN CASE SHORT DEDUCTION OF TAX IS APPLICABLE TO YOU OR NO TAX DEDUCTION IS APPLICABLE ,THE RECIPIENT HAS TO APPLY TO ASSESSING OFFICER IN FORM 13 TO OBTAIN SUCH A CERTIFICATE AND FURNISH TO THE PAYER. BUT AGAIN AS POINTED OUT BY SRI JITENDER ABOVE,THE CATEGORY FOR TDS FOR YOU IS MACHINERY OR EQUIPMENT HIRE AND THEREFORE FALLS UNDER SEC 194I,WHERE THE TDS RATE IS 15% PLUS EDU.CESS. RENT BELOW RS. 120000 P.A IS EXEMPT FROM TAX DEDUCTION. REMEMBER EVEN SERVICE TAX LIABILITY FOR MACHINERY OR EQUIPMENT HIRE MAY BE ATTRACTED BY YOU.AGAIN THE SERVICE TAX EXEMPTION LIMIT IS RS. 10 LAKHS P.A WEF 01-04-08.THE THRESHOLD LIMIT FOR REGISTRATION AS A SERVICE PROVIDER IS RS. 9 LAKHS P.A. R.V.RAO
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