An individual has no income other than interest which does not even exceed the basic exemption limit, but the person paying interest has an obliglation to deduct TDS!
Is there any way by which no TDS is deducted from the interest payable
3 Replies
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 03 November 2009
I don't think so.. I mean, its compulsary for the interest payer to deduct TDS....
Nywz, lets other members answer too.. But as far as i know, there's no such exemption
Manish Sodani
(Executive (F & A) - ALSTOM India Ltd.)
(222 Points)
Replied 03 November 2009
The assessee can get exemption certificate. See this: -
https://www.tax4india.com/tds-indian-taxes/exemption-from-tds.html
CA. Prabudh Sharma
(CA)
(83 Points)
Replied 05 November 2009
Absolutely no need of deducting Tax at Source in the instant case.
Reason:
An individual is liable to deduct Tax at Source on Intt. (Sec. 194A) only if the turnover of his BUSINESS (assessable under PGBP) during the PRECEDING Fianancial Year exceeded Rs. 40,00,000.
That too only when the intt paid to the said person exceeds Rs. 5,000 in the current FY.
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