TaxTMI 
TaxTMI 
Section 197A - Self declaration for Non-deduction of TDS
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.... 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 inco....
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....ayment by an Offshore Banking Unit to non-resident/ not ordinarily resident in India * (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 p....
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....duction of tax shall be made under the TDS provisions of the Income-tax Act as specified in the notification in respect of the payments specified in the notification, made by any 'payer' to a person being a Unit of International Financial Services Centre, This exemption is subject to the fulfillment of the conditions. [ Notification No. 28/2024 Dated 07.03.2024 ] * No deduction of tax shall be made under section 194-I of the Income-tax Act on payment in the nature of lease rent or supplemental lease rent, as the case may be, made by a person, to a person being a Unit of an International Financial Services Centre for lease of a ship subject to specified terms and condition. [ Notification No. 57/2023 Dated:- 1-8-2023 ] * No deduction of ....
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.... copy of declaration [ Section 197A(2) ] * On receipt of the declaration to in section 197A(1)/ (1A)/ (1C), the person responsible for making the payment will be required to deliver or cause to be delivered to Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, one copy of the declaration on or before the 7th of the month following the month in which the declaration is furnished to him. * Retain of declaration Form 15G/15H [ Rule 29C(6) ] * An income-tax authority may, before the end of seven years from the end of the financial year in which the declaration in Form No. 15G/15H has been received, require the person responsible to furnish or make available the declaration for the purposes of ver....