TDS on interest vis a vis Form15G/15H

This query is : Resolved

P. Raja (Querist)
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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)
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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)
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03 April 2010 Agree with expert

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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05 April 2010 agreed

P. Raja

P. Raja (Querist)
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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)
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19 April 2010 deduct tds on full amt. i.e. 165000/-

Aditya Maheshwari

Aditya Maheshwari (Expert)
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19 April 2010 Entire Amount

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