deduction of tax
This query is : Resolved
06 March 2009
as a co operative society having fd of 4,00,000 but not having any taxable income that is our final income is not crossing the taxable slab wether by filing form 15G can save society from tds deductible by bank u/s 194A
06 March 2009
IN MY OPINION, ONLY INDIVIDUAL,HUF CAN SUBMIT FORM 15 G.
06 March 2009
(1) "If you are a resident person (other than a company, Co-operative society or a firm), you can submit Form 15G in duplicate..."
Source: http://www.icicibank.com/pfsuser/icicibank/investments/bankbonds/bond_faq.htm
I understand from the above that a Co-operative Society cannot submit Form 15 G
(2) However TDS provisions of Sec 194A do not apply "where interest is credited or paid by a co-operative society to ...any other co-operatvie society" (Source: Para 156.1 of 31st edition of Singhania's Direct Taxes Ready Reckoner)
So you may like to examine the scope for parking your surplus funds in other Co-operative societies or Co-operative Banks.
Earlier I was associated with an Employees' CCS. They were depositing in Co-operative Banks and getting Interest without TDS
Source: http://www.icicibank.com/pfsuser/icicibank/investments/bankbonds/bond_faq.htm
I understand from the above that a Co-operative Society cannot submit Form 15 G
(2) However TDS provisions of Sec 194A do not apply "where interest is credited or paid by a co-operative society to ...any other co-operatvie society" (Source: Para 156.1 of 31st edition of Singhania's Direct Taxes Ready Reckoner)
So you may like to examine the scope for parking your surplus funds in other Co-operative societies or Co-operative Banks.
Earlier I was associated with an Employees' CCS. They were depositing in Co-operative Banks and getting Interest without TDS
06 March 2009
u.s. 197A a person, other the a company or firm may file 15G for non deduction of tax u/s 194A. since you are not form or company so you can file 15G.
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06 March 2009
After reading Sri Mithun's reply, I checked up Para 175.4 of Singhania's Reckoner and found only "...Other than a company or firm...".
I fail to understand why ICICI Bank included "...Co-operative Society..."
I request that the opinion posted by me earlier be treated as withdrawn
I fail to understand why ICICI Bank included "...Co-operative Society..."
I request that the opinion posted by me earlier be treated as withdrawn
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06 March 2009
you give copy of act to ICICI
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