I have taken a loan form an individual. I am paying interest of Rs 20,000 every month. I want to do TDS. But the person taken loan is giving me FORM 15g/h and asking not to deduct TDS on interest as his total income is less than basic exemption limit. Can i accept form 15g/h and not do TDS?
9 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 27 January 2021
But 15G/H will be given by financial institutions
CA Venkata Koteswararao Mogali
(job)
(45 Points)
Replied 27 January 2021
@ Sourav Form 15G/H should be given to financial institutions by us, they will not give us.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 27 January 2021
Yes i know but such form is given by financial institutions to us for declaring the details of fixed deposits including interest and loan also for submitting the form within due date to such financial institutions. in your case if such person is registered under TRACES then he can issue such form to you for non deduction of tds otherwise not
ayusmita
(Tax consultant)
(5885 Points)
Replied 27 January 2021
Yes you can as per certain rules and regulations per section197A
Vishal Daithankar
(14 Points)
Replied 09 April 2021
Dear Experts,
I have not filed any ITR but my interest amount is above 40,000/- from FD but my total income is less than exemption limit of tax, can I submit form 15G if No then Why ?
I have not filed any ITR but my interest amount is above 40,000/- from FD but my total income is less than exemption limit of tax, can I submit form 15G if No then Why ?
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 09 April 2021
| Originally posted by : CA Venkata Koteswararao Mogali | ||
 |
I have taken a loan form an individual. I am paying interest of Rs 20,000 every month. I want to do TDS. But the person taken loan is giving me FORM 15g/h and asking not to deduct TDS on interest as his total income is less than basic exemption limit. Can i accept form 15g/h and not do TDS? |  |
As I understand, you may accept such 15G/H. However, you need to upload such form on the efiling portal. For more details: https://cleartax.in/s/e-filing-form-15g-and-form-15h
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 09 April 2021
| Originally posted by : Vishal Daithankar | ||
|
Dear Experts,I have not filed any ITR but my interest amount is above 40,000/- from FD but my total income is less than exemption limit of tax, can I submit form 15G if No then Why ? | |
I think you may furnish form 15G/H, as applicable.
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