I had taken a loan from a person X on which I paid an interest of rs.1,20,000/- for 2010-11. The person X has given me form 15G with PAN number for not deducting TDS on interest payment. What is the rule in this regard . Shall I deduct TDS or not?
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TDS rules for financial year 2010-11
Replies (5)
DEDUCT tds @ 10% since interest above 5000
No need to deduct tds if he submit form 15g.
If you deduct tds ask him to get refund.
NONEED TO DEDUCT TAX
no need to deduct tds as 15g is provided
Sorry for my incomplete answer
yes if 15G provided no need to deduct tds
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