If I am paying interest above Rs.5000/- to an individual on loan availed from him for year FY 2010-11, I am not deducting TDS if he is giving me form 15G with PAN number. But my bank is deducting TDS from my FD interest @ 10% even if I am submitting form 15G with PAN. Are there different rules for individuals and banks?
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TDS rules for individuals and banks
Replies (2)
NO.
ASK IN WRITTEN TO BANKER FOR NOT DEDUCTING THE TDS
if your income is not below taxable limit, then bank will deduct tds despite of furnishing form 15G/H,
same procedure is to be followed by yourself also,
in case of individual / HUF who are not under audit for previous year, are not eligible to deduct tds.
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