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?
ramesh agrawal (business) (179 Points)
01 July 2011I 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?
CA. Roopali Kadam
(Jobs on assignment basis.)
(1458 Points)
Replied 01 July 2011
DEDUCT tds @ 10% since interest above 5000
jaganathan
(accounts executive)
(272 Points)
Replied 01 July 2011
No need to deduct tds if he submit form 15g.
If you deduct tds ask him to get refund.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 01 July 2011
no need to deduct tds as 15g is provided
CA. Roopali Kadam
(Jobs on assignment basis.)
(1458 Points)
Replied 03 July 2011
Sorry for my incomplete answer
yes if 15G provided no need to deduct tds
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