An individual has no income other than interest which does not even exceed the basic exemption limit, but the person paying interest has an obliglation to deduct TDS!
Is there any way by which no TDS is deducted from the interest payable
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TDS on Interest Payable
Replies (3)
I don't think so.. I mean, its compulsary for the interest payer to deduct TDS....
Nywz, lets other members answer too.. But as far as i know, there's no such exemption
The assessee can get exemption certificate. See this: -
https://www.tax4india.com/tds-indian-taxes/exemption-from-tds.html
Absolutely no need of deducting Tax at Source in the instant case.
Reason:
An individual is liable to deduct Tax at Source on Intt. (Sec. 194A) only if the turnover of his BUSINESS (assessable under PGBP) during the PRECEDING Fianancial Year exceeded Rs. 40,00,000.
That too only when the intt paid to the said person exceeds Rs. 5,000 in the current FY.
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