TMI BlogSection 197A - Self declaration for Non-deduction of TDSX X X X Extracts X X X X X X X X Extracts X X X X ..... ated total income will be nil. Enabling provision for filling of declaration for non-deduction of tax 192A, 193, 194A, 194D, 194DA, 194I or 194K, by person, other than company of firm [ Section 197A(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. Filling declaration not permissible if Income / aggregate of income exceed basic exemption Limit [ Section 197A(1B) ] The provisions of section 197A shall not apply where the amount of any income or th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [ Section 197A(1D) ] ( a ) on deposit made on or after the 1st day of April, 2005, by a non-resident or a person not ordinarily resident in India; or ( b ) on borrowing , on or after the 1st day of April, 2005, from a non-resident or a person not ordinarily resident in India. The CBDT circular clarifies that in accordance with the provisions of section 197A(1D), tax is not required to be deducted on interest paid by the IFSC banking units on deposit made on or before 01.04.2005 by a non resident or a person who is not ordinarily resident in India, or on borrowing made on or after 01.04.2005 from such person. [ Circular No. 26/2016 dated 04.07.2016 ] Payment to any person on behalf of the NPS Trust [ Section 197A(1E) ] No deduction of tax at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcraft subject to specified terms conditions. [ Notification no. 65/2022 Dated:- 16-6-2022 ] No deduction of tax shall be made on the following payment u/s 194A of the said Act , namely payment in the nature of interest, other than interest on securities, made by a scheduled bank located in a specified area, to a member of Scheduled Tribe residing in any specified area, as referred to in clause (26) of section 10 of the said Act . [ Notification No. 110/2021 dated 17.09.2021 ] No deduction of tax shall be made from payments of the nature specified in section 193 or section 194A or section 194-I of the said Act to the Tirumala Tirupati Devasthanams, Tirupati, Andhra Pradesh. [ Notification No. 81 /2016 dated 09.09.2016 ] No deduction of tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by him in Form No.15G/15H respectively during every quarter of the financial year in accordance with the procedures, formats and standards specified. Manner of furnishing of Form No. 15G/15H [ Rule 29C(2) ] The declaration in Form no. 15G/15h may be furnished in any of the following manners, namely:- (a) in paper form; (b) electronically after duly verifying through an electronic process. 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
