TDS on interest vis a vis Form15G/15H
This query is : Resolved
03 April 2010
Dear Sir,
We are in a NBFC accepting Fixed Deposits from customers , usually we accept Form 15G/ 15H for exemption of TDS on Interest
I have doubt, up to which amount of Interest payment can be exempted from TDS in a financial year when a valid Form 15G/15H is received?
Regards
P. Raja
We are in a NBFC accepting Fixed Deposits from customers , usually we accept Form 15G/ 15H for exemption of TDS on Interest
I have doubt, up to which amount of Interest payment can be exempted from TDS in a financial year when a valid Form 15G/15H is received?
Regards
P. Raja
03 April 2010
U can accept form 15G/H upto the amount which is not taxable income of the assessee i. e. for male assessee Rs. 160,00/- for females Rs. 190,000/- and for senior citizens Rs. 240,000/-
03 April 2010
Agree with expert
05 April 2010
agreed
19 April 2010
I have another doubt on this
If interest payment exceeds the non taxable limit , whether we need to deduct TDS on the entire interest amount paid or should we deduct Tax on the Interest portion exceeding the basic exemption limit. ( Example : if the interest earned is Rs.165000/- sdhould we deduct TDS on Rs.5000 /- or Rs.165000/- )
Please clarify
Thanks and Regards
P. Raja
If interest payment exceeds the non taxable limit , whether we need to deduct TDS on the entire interest amount paid or should we deduct Tax on the Interest portion exceeding the basic exemption limit. ( Example : if the interest earned is Rs.165000/- sdhould we deduct TDS on Rs.5000 /- or Rs.165000/- )
Please clarify
Thanks and Regards
P. Raja
19 April 2010
deduct tds on full amt. i.e. 165000/-
19 April 2010
Entire Amount
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