Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Form 15g issue

Vikash Agarwal (Student) (104 Points)

14 February 2013

A co. is paying commission to some persons and they are liable to deduct TDS deducted u/s 194H but the total income of such persons is not crossing the exemption limit i.e. Rs. 2 Lacs . Can co. can take form 15G from that persons in this case

Reply
Follow
Share

5 Replies

Ganeshbabu K (Audit and Tax Advisory) (48564 Points)
Replied 14 February 2013

These forms can be used only for payments in the nature of Interest of Securities, Dividend, Interest other than Interest on Securities (Bank/Company Deposits) , NSS Interest on Units. For other types of payments, these forms cannot be used.

Upgrade to CAclubindia Pro. Subscribe Now!

Abhisek Rungta (PRACTISING CHARTERED ACCOUNTANT) (234 Points)
Replied 14 February 2013

Agreed that these forms can be only issued for interest on loan ,advance, debentures , bonds or say Interest income other then interest on bank exceeds 5000/-and that person is below the taxable limit.

Dhawal Mohnot (Practicing) (449 Points)
Replied 14 February 2013

Agreed with Ganesh and Abhishek.

for commission you can file form 13 and get a certificate of lower/nil deduction under section 197 of the IT ACT.

1 Like

CA VEERENDRA MURASHILLIN HUBLI (CHARTERED ACCOUNTANT) (123 Points)
Replied 14 February 2013

IT IS APPLICABLE ONLY TO INTEREST PAYMENTS.FOR YOUR QUERY OF COMMISSION, PRODUCE EXEMPTION CERTIFICATE FROM A.O

vijay singh nirvan (Sr. Accountant) (21 Points)
Replied 15 February 2013

I am working a Real estate com as account dep. I issue to amount of Assured return for parties. Its very helpful statement for me because one party tole me his total income is cross annual 2 lacs can i have submit 15G. It very clearfy me

Thanks

Vijay Nirvan