Hello,
My query is, if we receive interest income from bank & to avoid deduction of tax from such income we submit form 15G/H, but if we are receiving such income from other person then is there such facility available (like form 15g/h).
You have to submit 15G/H to that particular person if your total income is below the taxable limit.
I think Form 15G / 15H covers all types of interest (other then interest on security).
As no where law says Forms are applicable only for Bank interest. Read section 197A and applicable rule for more details.
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