FORM 15G/15H

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job
45 Points Posted on 27 January 2021

I have taken a loan form an individual. I am paying interest of Rs 20,000 every month. I want to do TDS. But the person taken loan is giving me FORM 15g/h and asking not to deduct TDS on interest as his total income is less than basic exemption limit. Can i accept form 15g/h and not do TDS? 

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On 27 January 2021 at 12:03 Report
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This discussion explores whether a borrower can accept Form 15G/15H from a lender to avoid TDS on loan interest. Generally, Form 15G/15H is provided by individuals whose total income is below the basic exemption limit, allowing them to declare this to the payer. While financial institutions typically handle these forms, the consensus here suggests that accepting such a declaration from an individual lender might be permissible under specific conditions, provided the form is correctly furnished and potentially uploaded to the e-filing portal.

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Chartered Accountant
24588 Points Posted on 27 January 2021
But 15G/H will be given by financial institutions
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On 27 January 2021 at 12:16
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job
45 Points Posted on 27 January 2021

@ Sourav Form 15G/H should be given to financial institutions by us, they will not give us.

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On 27 January 2021 at 12:21
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Chartered Accountant
24588 Points Posted on 27 January 2021
Yes i know but such form is given by financial institutions to us for declaring the details of fixed deposits including interest and loan also for submitting the form within due date to such financial institutions. in your case if such person is registered under TRACES then he can issue such form to you for non deduction of tds otherwise not
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On 27 January 2021 at 12:47
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17269 Points Posted on 27 January 2021
Consider 15G/15H for TDS purposes
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On 27 January 2021 at 12:52
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Tax consultant
5895 Points Posted on 27 January 2021
Yes you can as per certain rules and regulations per section197A
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On 27 January 2021 at 13:29
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14 Points Posted on 09 April 2021
Dear Experts,
I have not filed any ITR but my interest amount is above 40,000/- from FD but my total income is less than exemption limit of tax, can I submit form 15G if No then Why ?
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On 09 April 2021 at 16:41
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CMA
13117 Points Posted on 09 April 2021
Originally posted by : CA Venkata Koteswararao Mogali
I have taken a loan form an individual. I am paying interest of Rs 20,000 every month. I want to do TDS. But the person taken loan is giving me FORM 15g/h and asking not to deduct TDS on interest as his total income is less than basic exemption limit. Can i accept form 15g/h and not do TDS? 

As I understand, you may accept such 15G/H.  However, you need to upload such form on the efiling portal. For more details: https://cleartax.in/s/e-filing-form-15g-and-form-15h

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On 09 April 2021 at 17:18
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CMA
13117 Points Posted on 09 April 2021
Originally posted by : Vishal Daithankar
Dear Experts,I have not filed any ITR but my interest amount is above 40,000/- from FD but my total income is less than exemption limit of tax, can I submit form 15G if No then Why ?

I think you may furnish form 15G/H, as applicable.

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On 09 April 2021 at 17:20
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14 Points Posted on 20 April 2021
Thank you mam
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On 20 April 2021 at 20:11

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