Form 15g.. please help

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@Learner

searching

91 Points Joined January 2014

One of my client pays interest of Rs 15000 during financial year. But the person to whom he pays the interest is having income less than maximum amount not chargeable to tax. My question is whether am i required to deduct tax, or Form 15G would be sufficient ? Can Form 15G help me out from deducting TDS ? Form 15G is applicable for banks only or in this case also will form 15G work ? Please reply urgently

Replies (7)

Shubham Gupta

Business Consultants

2077 Points Joined February 2014

15 G can be only used for bank interest ,dividend only.

Shubham Gupta

Business Consultants

2077 Points Joined February 2014

get 15 G declaration from receiver

and you have to upload it on website.

in tds return you have to write UIN no.

The payer will upload Form 15G and Form 15H received during a quarter on the e-filing website incometaindiaefiling.gov.in. Forms to be uploaded on a quarterly basis
The payer shall quote ‘sequence number’ (Field ‘a’ of UIN) in quarterly TDS statement against the transaction covered under Form 15G/H even though no TDS has been deducted.

Pradeep Gupta

Accounts Manager

298 Points Joined January 2010

agree with Subham.

pankaj

Practice

89 Points Joined May 2009

Process is rightly mentioned by our friends but in addition to that ......

You can accept form 15G from Payee.

You have to mention the details of 15G in two filings

1) you should mention details of 15G in etds return

2) Uploiad Details of 15G in seperate return that is to be filed on income tax efiling site.

Sudhir Pai

Chartered Accountant

61 Points Joined January 2009

15G/H is applicable to Banks only.
reason being the deductor is identifiable to the tax authorities with a valid TAN and the returns are submitted by the bank to the IT authorities !!

whereas I case of individual control is minimal and hence the requirement of 15G/H is restricted to the banks and Financial institutions -FI (not totally sure with FI,please rexhexk)