Hi,
If Lic agent is getting gross receipt of 200000/- & taxable income not exceed the limit of Income Tax Slab. can he submit the form 15G to Lic as he do not have any other income. Or any other solution for not to deduct his TDS?
Thanks.
Shital
SHITAL (SERVICE) (47 Points)
05 January 2010Hi,
If Lic agent is getting gross receipt of 200000/- & taxable income not exceed the limit of Income Tax Slab. can he submit the form 15G to Lic as he do not have any other income. Or any other solution for not to deduct his TDS?
Thanks.
Shital
Amir
(Learner)
(4016 Points)
Replied 05 January 2010
Dear Shital,
Provision to File Form 15 G is NOT AVAILABLE for Payments made u/s 194H, i:e in case of Income from LIC Comission..Therefore TDS WILL BE DEDUCTED..
SHITAL
(SERVICE)
(47 Points)
Replied 05 January 2010
HI,
Thanks for your reply. But is any other option for not to deduct TDS?
Amir
(Learner)
(4016 Points)
Replied 05 January 2010
Dear Shital,
U CAN GO FOR FILING OF FORM NO. 13 u/s 197 read with Rule 28 & 28 AA FOR DEDUCTION OF TAX AT LOWER RATE OR FOR NO DEDUCTION AT ALL...
SUNIL SINGH
(ACCOUNTANTS AND INCOMETAX WORKS)
(142 Points)
Replied 05 January 2010
u apply lower deduction certifciate under from no. 13 u/s 197 , issuing of assessing & income tax office( No deduction or .25% , .50% rate etc. )
CAclubindia
