akshay agarwal (Practicing Chartered Accountant) (30 Points)
08 June 2015hello friend,
i want to ask one my deductee of age 61 years having income Rs.318000 with no deductions .
can i accept his form 15h or I should deduct TDS
my confusion is regarding sec 87A.
because this 318000 is not taxable by virtue of sec 87a
thanks in advance
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 08 June 2015
I think it can be accepted bcoz 197A states that:
no deduction of tax shall be made if individual furnishes a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil.
So what one can interpret from the above is that if tax on income is nil, then form 15H/G can be accepted.
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