ramesh agrawal (business) (179 Points)
03 July 2011If 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?
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 03 July 2011
NO.
ASK IN WRITTEN TO BANKER FOR NOT DEDUCTING THE TDS
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 03 July 2011
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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