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Section 197A - Self declaration for Non-deduction of TDS - Income Tax - Ready Reckoner - Income Tax
Extract
Self declaration for Non-deduction of TDS - Section 197A If a declaration in Form 15G / 15H is submitted under section 197A by the recipient to the payer, then no tax is deductible in the below cases. (1) In case of an individual who is resident in India ( Section 197A(1) ):- No tax will be deducted at source u/s 194 , 194EE , in case of an individual who is resident in India, if such furnishes to the payer a declaration in writing in Form No. 15G to the effect that tax on his estimated total income will be nil. (1A) In case of a person not being a company or a firm ( Section 197A(1A) ):- No tax shall be deducted at source u/s 192A , 193 , 194A , 194D , 194DA , 194I or 194K , if such person furnishes to the payer a declaration in writing in duplicate in new Form No. 15G to the effect that the tax on the estimated income including such income will be nil. (1B) The provisions of this section shall not apply where the amount of any income referred above exceeds the maximum amount which is not chargeable to income-tax. (1C) No deduction of tax shall be made from the income of a resident individual who is of the age of 60 years or more at any time during the previous year. If such individual furnishes to the payer, a declaration in writing in Form No. 15H to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil . Note: Any declaration under section 197A by the payee shall be valid only if it contains the PAN of the payee. Lower deduction in certain cases for a limited period in case of sections 193 , 194 , 194A , 194C , 194D , 194DA , 194EE , 194F , 194G , 194H , 194I , 194IA , 194IC , 194J , 194K , 194LA , 194LBA , 194LBB , 194LBC , 194M , 194O requires TDS to be deducted at 3/4th rate for period commencing from 14-5-2020 to 31-03-2021.