A depositor gets an amount of Rs.1,50,000 appx. towards interest.
The depositor has agriculatural income of Rs.7-8 lakhs appx. The depositor wants to give Form 15G/H.
Now the ? is can his claim not to deduct as his interest income did not exceed basic limit - correct.
Can the company accept Form 15G/H. (If possible quote relevant rules /sec. to enable me argue with that 'educated' wealthy individual)
YES U CAN FILE FORM 15G
YES HE CAN, BUT SUBJECT TO LAST YEARS AGRL.INCOME INVESTMENT (BECAUSE YOU ARE SAYING IT IS APPX. 7-8 LAKS PER YEAR). IF HE INVESTED THE LAST YEARS AGRL.INCOME OTHER THAN AGRL.PURPOSE AND GETTING INCOME ON THAT INVESTMENT THEN IT HAS TO SHOWN ALONG WITH THE INTEREST OF RS.150000/-. BUT IT IS SOLE RESPONSIBILITY OF THE PARTICULAR PERSON WHO IS GETTING INCOME FROM DIFFERENT SOURCES, ONLY DEPENDING ON THAT HE HAS TO DECIDE WHETHER HE CAN OR HE CAN'T. NO RESPONSIBILITY LIES ON COMPANY.
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