If the assessee is a company and it will have Fixed Deposit Income of 50 Lacs during previous year 2013-14 but it will have tax liability "nil" because it has allowable business expenses of around 3 crores which is more than its FD int income.
Now can the company file form 15G at the beginning of the year to the bank for not deducting the TDS on interest income as it will have negative income or loss at hte end of the year?
Please advise urgently.
| Originally posted by : Jaimin | ||
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If the assessee is a company and it will have Fixed Deposit Income of 50 Lacs during previous year 2013-14 but it will have tax liability "nil" because it has allowable business expenses of around 3 crores which is more than its FD int income. Now can the company file form 15G at the beginning of the year to the bank for not deducting the TDS on interest income as it will have negative income or loss at hte end of the year? Please advise urgently. |
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Form 15G can be submitted only by persons other than a company/firm.
Need some time
Check once for 15G, It is clearly mentioned that it is a declaration to submitted by a person other than Compnay and firm.
Thus, A Co. Cannot submit form 15G.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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