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Non deduction of tds u/s 197a

TDS 684 views 6 replies

CA PRASAD KSHIRSAGAR

CA Practice

148 Points Joined October 2013

Section 197A states about non deduction of TDS in certain cases. However, may I know abut the prescribed format of declaration to be furnished?

There is an educational institution which has deposits with the bank. The Institution states that it is exempted its income under section 10(23BBA). The institution is requesting the Bank not to deduct the TDS on its interest income. However, unless we comply to the requirements of Section 197A, the bank cannot be wise in the action of non deduction of TDS.

If anyone can help in this matter.

Thank you

Replies (6)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

Form 15G & 15H can be downloaded from IT website. https://www.incometaxindia.gov.in/Pages/downloads/most-used-forms.aspx

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

I think it is not applicable only for companies & firms: https://www.charteredclub.com/tds-on-fixed-deposits/

CA PRASAD KSHIRSAGAR

CA Practice

148 Points Joined October 2013

Yaa but can a Trust file form no 15G?

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

If such trust is a company or firm, then not possible otherwise it is possible.

S. Shiroor

Others

1212 Points Joined July 2015

15G forms are for individual Housing societies as well as Association of Apartments.

Not sure about trust. Most probably it may be applicable.

Miss Rinkal

Student

1309 Points Joined January 2009

Educational institution can be assessed either as aop or boi. Therefore 15g form can be filled for non deduction of tax. Bcoz 15g form is applicable for individual or a person(not being a company or firm).