TDS on FDR
This query is : Resolved
10 September 2009
Hello Expert please tell me:- This in one trust which have exmemption certifcate from DIT(E). We have deposit sum of Rupee with bank which amount bank are deducted TDS, we want bank not deducted tds, So that please tell us Trust can save tds from any form like 15G/15H it is applicable or not.
Thansk
Thansk
11 September 2009
APPLY TO AO U/S 197 OF IT ACT
Certificate for deduction at lower rate.
197. 58(1) 59[Subject to rules made under sub-section (2A), 60[where, in the case of any income of any person 61[or sum payable to any person], income-tax is required to be deducted at the time of credit or, as the case may be, at the time of payment at the rates in force under the provisions of sections 192, 193, 62[194,] 194A, 63[194C,] 194D, 63[194G] 64[, 194H] 65[, 194-I] 66[, 194J] 67[, 194K] 68[***] 69[, 194LA] and 195, the Assessing Officer is satisfied] that the total income 70[***] of the recipient justifies the deduction of income-tax 71[***] at any lower rates or no deduction of income-tax 71[***], as the case may be, the 72[Assessing] Officer shall, on an application made by the assessee in this behalf, give to him such certificate as may be appropriate.
(2) Where any such certificate is given, the person responsible for paying the income shall, until such certificate is cancelled by the 72[Assessing] Officer, deduct income-tax 73[***] at the rates specified in such certificate or deduct no tax, as the case may be.
74[(2A) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (1) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.]
Certificate for deduction at lower rate.
197. 58(1) 59[Subject to rules made under sub-section (2A), 60[where, in the case of any income of any person 61[or sum payable to any person], income-tax is required to be deducted at the time of credit or, as the case may be, at the time of payment at the rates in force under the provisions of sections 192, 193, 62[194,] 194A, 63[194C,] 194D, 63[194G] 64[, 194H] 65[, 194-I] 66[, 194J] 67[, 194K] 68[***] 69[, 194LA] and 195, the Assessing Officer is satisfied] that the total income 70[***] of the recipient justifies the deduction of income-tax 71[***] at any lower rates or no deduction of income-tax 71[***], as the case may be, the 72[Assessing] Officer shall, on an application made by the assessee in this behalf, give to him such certificate as may be appropriate.
(2) Where any such certificate is given, the person responsible for paying the income shall, until such certificate is cancelled by the 72[Assessing] Officer, deduct income-tax 73[***] at the rates specified in such certificate or deduct no tax, as the case may be.
74[(2A) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (1) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.]
11 September 2010
Thank U
Sirs
Sirs
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