Where a self declaration under Form No 15G is furnished by a particular person [Section 197A(1),(1A),and(1B)]

WHAT RECIPIENT CAN DO, IF DON’T WANT TO GET TDS DEDUCTED OR WANT TO GET IT DONE AT LOWER RATE. 

The recipient may make a declaration in Form No. 13 to the Assessing Officer.

The recipient (not being a company or firm) may make a declaration in Form No. 15G in duplicate to the payer. 

With effect from 1-6-2002, such a self-declaration can be made by the recipient only if the aggregate income which is includible in his total income of the previous year from 

1. interest on securities, 
    

2. dividends from companies, 
    

3. interest other than interest on securities, 
    

4. payments under National Savings Scheme, and 
    

5. Income from units of UTI and other notified mutual funds, does not exceed the maximum amount which is not chargeable to income-tax. 
   
   With effect from 1-6-2003 section 197A(1C) provides that no tax is to be deducted at source where the following conditions are fulfilled 

• The payee is an individual resident in India;
   

• The age of the payee is 65 years or more at any time during the previous year;
   

• The payee furnishes to the person responsible for paying the income a declaration in writing in duplicate in the Form 15H and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included will be Nil. 
  
  The payer shall deliver or cause to be delivered to the Chief Commissioner one copy of the declaration in Form 15G/15H on or before the 7th day of the month next following the month in which the declaration is furnished to him.