Tax withholding exemption for resident individuals permits receipt of interest and dividends without TDS upon furnishing prescribed declaration to the payer. Section 197A together with rule 29C and prescribed forms allows resident individuals with estimated total income below the exemption limit to receive interest, dividends and similar receipts without tax deduction at source by furnishing a prescribed declaration to the person responsible for paying such income. The declaration must be given to the specific payer or its principal officer (or public debt/treasury officers for government securities), and one declaration per payer per year before the first payment suffices; declarations need only cover receipts payable by that payer.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax withholding exemption for resident individuals permits receipt of interest and dividends without TDS upon furnishing prescribed declaration to the payer.
Section 197A together with rule 29C and prescribed forms allows resident individuals with estimated total income below the exemption limit to receive interest, dividends and similar receipts without tax deduction at source by furnishing a prescribed declaration to the person responsible for paying such income. The declaration must be given to the specific payer or its principal officer (or public debt/treasury officers for government securities), and one declaration per payer per year before the first payment suffices; declarations need only cover receipts payable by that payer.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
