TDS on interest vis a vis Form15G/15H

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This query is : Resolved

P. Raja (Querist)

03 April 2010 Dear Sir,

We are in a NBFC accepting Fixed Deposits from customers , usually we accept Form 15G/ 15H for exemption of TDS on Interest

I have doubt, up to which amount of Interest payment can be exempted from TDS in a financial year when a valid Form 15G/15H is received?

Regards

P. Raja

Aditya Maheshwari

Aditya Maheshwari (Expert)

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/-

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)

03 April 2010 Agree with expert

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)

05 April 2010 agreed

P. Raja

P. Raja (Querist)

19 April 2010 I have another doubt on this

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/- )

Please clarify

Thanks and Regards

P. Raja

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)

19 April 2010 deduct tds on full amt. i.e. 165000/-

Aditya Maheshwari

Aditya Maheshwari (Expert)

19 April 2010 Entire Amount

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