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Tax Deduction at Source

  

 

Types of income/payments where the payee can file declaration for non-deduction of tax at source (Section 197A):

The Act , vide Sec 197A, for the convenience of an individual payee, allows the benefit of non-deduction of tax at source on filing of declaration in the prescribed form with the payer. The details are given below (Sec 197A read with Rule 29C. Also see Circular No.351 dated 26.11.82)

S.No

Types of Income

Prescribed form (in duplicate)

Payee who can file declaration

Period of validity

1.

Interest on securities Section 193

Form No 15F in duplicate. One copy to be sent by the Payer to Chief Commissioner/ Commissioner within seven days of the succeeding month.

By an individual resident in India.

Declaration valid for one previous year.

2.

Interest other than interest on securities – Section 194A.

Form No.15H

-do-

Any payee other than Company or firm.

-do-

3.

Payment of NSS deposit – section 194EE

Form No.15I

-do-

Any individual resident in India

-do-

4.

Income in respect of Units Sec 194K

Form No 15H

-do-

Any payee other than a company or a firm

-do-

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