In schedule bank deposit is collected from Self Help Group.
interest is credited on Self Help Group Deposit.
Wehter TDS is required on Interest is credited on self help group Deposit.
Lakshmisha (accountant) (37 Points)
30 August 2011In schedule bank deposit is collected from Self Help Group.
interest is credited on Self Help Group Deposit.
Wehter TDS is required on Interest is credited on self help group Deposit.
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 30 August 2011
If Selp Help Group is separate entity from bank and it has different pan no. then tds will be deduted as per rate applicable.
But still wait for expert's reply
praveen
(Chartered Accountant)
(6971 Points)
Replied 30 August 2011
I dont think there is any exemption for income of self help group. Hence, TDS shall be deducted.
It is as simple as that . If your income is not taxable then give the notification/section/rules etc to the bank and get the benefits.
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Dhanabal Ramasamy
(CHARTERED ACCOUNTANT)
(105 Points)
Replied 30 August 2011
Hai..
TDS is to be deducted on interest paid to self help group. But mostly SHG will not have PAN. If income of SHG is not taxable in the hands of SHG(most likely), then file form 15G/H with bank so that TDS need not be deducted
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