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ramesh agrawal (business)     03 July 2011

TDS rules for individuals and banks

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?



 2 Replies

CA ADITYA SHARMA

CA ADITYA SHARMA (CA IN PRACTICE )     03 July 2011

NO.

ASK IN WRITTEN TO BANKER FOR NOT DEDUCTING THE TDS       

U S Sharma

U S Sharma (glidor@gmail.com)     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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