TDS on Interest
This query is : Resolved
04 January 2010
Dear Expert,
we have taken a security deposit from individuals (formers) @18% interest.
the interest amount exceeded the exemption limit of Rs.5000/- as per Sect 194 A (TDS on interest from other than banking company).
if we deduct the tds from such interest portion, normally we give TDS certificates.
but the certificate is not useful to the formers whose income is less than the maximum exemption limit.
my doubt is whethere is there any form which can restrict us for not deducting the tds on such interest?
we have taken a security deposit from individuals (formers) @18% interest.
the interest amount exceeded the exemption limit of Rs.5000/- as per Sect 194 A (TDS on interest from other than banking company).
if we deduct the tds from such interest portion, normally we give TDS certificates.
but the certificate is not useful to the formers whose income is less than the maximum exemption limit.
my doubt is whethere is there any form which can restrict us for not deducting the tds on such interest?
04 January 2010
you can obtain form 15G, 15H from your depositers.
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