9911796707
TMI Blog8% Savings (Taxable) Bonds, 2003 - Income Tax Act, 1961 - TDSX X X X Extracts X X X X X X X X Extracts X X X X ..... SHCIL Dear Sir, 8% Savings (Taxable) Bonds, 2003 - Income Tax Act, 1961 - TDS Please refer to our circular No. RBI/2007-08/141 with reference No. DGBA.CDD No. H-3024/13.01.299/2007-08 dated September 19, 2007 conveying certain clarifications with regard to application of Tax Deduction at Source (TDS) on 8 % Savings (Taxable) Bonds, 2003. In continuation thereof, the following clarifications, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ous category of persons are as under: Recipient Resident in India (TDS* Rate) Non Resident in India (TDS*Rate) For period 1.6.2007 to 31.3.2008 1.4.2008 onwards Before or after 1.6.2007 Company 20 % 20 % 40 % Other than a Company 20 % 10 % 30 % *Surcharge and Cess is to be added as per applicable rates. 3. Whether Form 15G, 15H can be accepted from eligible individual invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount which is not chargeable to tax. 2. Declaration in form 15H can be accepted from an individual resident in India, who is of the age of sixty-five years or more at any time during the previous year if a. tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil 4 In case of 'cumulative' type of investments, int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Officer should be insisted upon before allowing tax exemption or by their very nature of charitable, they are eligible for exemption from TDS A certificate issued by the Assessing Officer under section 197 of the Income Tax Act for deduction of tax at a lower rate or Nil rate is required in the case of charitable institutions and trusts. No special dispensation is allowed to charitabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ire amount so credited or paid whichever is earlier. 2. We advise you to ensure that application of TDS on the captioned bonds is made in the light of the above clarifications and the relevant provisions of the Income Tax Act, 1961. You may issue suitable instructions to designated branches operating the scheme. You may also access this circular on our website www.rbi.org.in 3. Please acknowle ..... X X X X Extracts X X X X X X X X Extracts X X X X
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