03 April 2010
U can accept form 15G/H upto the amount which is not taxable income of the assessee i. e. for male assessee Rs. 160,00/- for females Rs. 190,000/- and for senior citizens Rs. 240,000/-
If interest payment exceeds the non taxable limit , whether we need to deduct TDS on the entire interest amount paid or should we deduct Tax on the Interest portion exceeding the basic exemption limit. ( Example : if the interest earned is Rs.165000/- sdhould we deduct TDS on Rs.5000 /- or Rs.165000/- )
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