Is it necessary for The establishments exempted U/s 10(23C) to obtain a certificate U/s 197 / 197A.
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Is it neccessary to obtain tds exemtpion cert. by those exem
Replies (6)
yes so that u can claim refund of the same
I understand I did not post the question clearly.
the question is Universities / Research organisations like CSIR etc do not want TDS to be deducted on their deposits.
so to approach bank and ask not to deduct TDS should these organisations necessarily approach Income Tax Dept. and obtain the exemption certificates .(obtained in that year.)
OR use commonsense that the organisations who are not assessable under income tax act, can't lose TDS on their deposits.
yes they should obtain the exemption certificate and submit the same to the bank so that no tds is deducted
for ready reference I am posting circular 4/2002. (as per that it is not required) But...
Circular : No. 4/2002, dated 16-7-2002.
". Whether prescribed self-declaration under section 197A can be submitted by entities whose income is
exempt under section 10
1. Subsequent to the amendment to section 197A made by the Finance Act, 2002 whereby a new sub-section
(1B) has been inserted with effect from 1st June, 2002, representations have been received seeking clarification
whether the prescribed self-declaration under the said section can be submitted by entities exempt from tax
under section 10 even if the payments referred to in sub-section (1A) to be made to them exceed the threshold
limit not subject to tax.
2. This matter has been examined by the Board. It has been decided that in case of those funds or authorities or
Boards or bodies, by whatever name called, whose income is unconditionally exempt under section 10 of the
Income-tax Act and who are statutorily not required to file return of income as per section 139 of the Incometax
Act, there would be no requirement for tax deduction at source since their income is anyway exempt under
the Income-tax Act. The institutions whose income is unconditionally exempt under section 10 and who are
statutorily not required to file return of income as per the provisions of section 139 are :
(i) “local authority”, as referred to in the Explanation to clause (20);
(ii) Regimental Fund or Non-public Fund established by the armed forces of the Union referred to in clause
(23AA);
(iii) Fund, by whatever name called, set up by the Life Insurance Corporation of India on or after 1st August,
1996, or by any other insurer referred to in clause (23AAB);
(iv) Authority (whether known as the Khadi and Village Industries Board or by any other name) referred to in
clause (23BB);
(v) Body or authority referred to in clause (23BBA);
(vi) SAARC Fund for Regional Projects set up by Colombo Declaration referred to in clause (23BBC);
(vii) Secretariat of the Asian Organisation of the Supreme Audit Institutions referred to in clause (23BBD) till
assessment year 2003-2004;
(viii) Insurance Regulatory and Development Authority referred to in clause (23BBE);
(ix) Prime Minister’s National Relief Fund referred to in sub-clause (i), Prime Minister’s Fund (Promotion of
Folk Art) referred to in sub-clause (ii), Prime Minister’s Aid to Students Fund referred to in sub-clause
(iii), National Foundation for Communal Harmony referred to in sub-clause (iiia), any university or other
educational institution referred to in sub-clause (iiiab) and any hospital or other institution for the reception
and treatment of persons as referred to in sub-clause (iiiac) of clause (23C);
(x) Credit Guarantee Fund Trust for Small Scale Industries referred to in clause (23EB) till assessment year
2006-2007;
(xi) Provident fund to which the Provident Funds Act, 1925 (19 of 1925) referred to in sub-clause (i),
recognised provident fund referred to in sub-clause (ii), approved superannuation funds referred to in subclause
(iii), approved gratuity fund referred to in sub-clause (iv) and funds referred to in sub-clause (v) of
clause (25);
(xii) Employees’ State Insurance Fund referred to in clause (25A);
(xiii) Corporations referred to in clause (26BB);
(xiv) Boards referred to in clause (29A).
My question is , West Bengal Council of secondary education demand exemtion of TDS on royalty from publishers. they cliam no need to deduction , no need to return filing u/s 139 . they have not given to us 197 certificate . please clerify me.
My question is , West Bengal Council of secondary education demand exemtion of TDS on royalty from publishers. the cliam no need to deduction , no need to return filing u/s 139 . they have not given to us 197 certificate . please clerify me.
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