Tds form 15g acceptance

This query is : Resolved

kd (Querist)
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27 August 2014 Please guide me in the following case:

A proprietor takes loan for business from his son, credits interest on the said loan to the account of his son in his books, the interest amount is >rs10,000. The son submits form 15G to the proprietor. the proprietor does not deduct TDS. Tax Audit is applicable to the proprietor.

Can the proprietor accept form 15G?

Is he correct for non deduction of TDS?

If yes, then what is the time by which he shall submit form 15G to the Income Tax department?

(the basic gist here depends on whether an individual can accept form 15G while paying interest other than interest on securities)
Your feedback and answer to the above case & querries is required ASAP. Thanks in advance.

Rupesh Jain

Rupesh Jain (Expert)
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27 August 2014 if you are credit the intt. with in year one time on 31.3.20.... then you have to submit with in 7 days from receiving the form with commissioner of income tax on his area.

Rupesh Jain

Rupesh Jain (Expert)
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27 August 2014 if you are credit the intt. with in year one time on 31.3.20.... then you have to submit with in 7 days from receiving the form with commissioner of income tax of his area.

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