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What should I do if I hold ICICI Bank Bonds and I am not liable to pay tax and TDS is not required to be deducted?

To avail the benefit of deduction of tax at source at Nil/lower rate, you may submit any of the following documentation:

 

(a) Certificate from the Indian tax authorities.

 

(b) Certificate under section 197 of the Act issued by the Assessing Officer for nil / concessional rate of TDS can be submitted by any bondholder including companies and firms. The certificate should be submitted by the bondholder to 3i Infotech.

 

(c) Form 15G: If you are a resident person/HUF (other than a company, Co-operative society or a firm), you can submit Form 15G in duplicate to the registrar/company. As per the provisions of section 197A of the Act, Form 15G can be submitted provided the tax on your estimated total income for the financial year computed in accordance with the provisions of the Act is NIL ) and the interest paid or payable to you does not exceed the maximum amount which is not chargeable to tax.

 

(d) Form 15H: If you are a senior citizen, i.e. if you are of the age of 60 years and above at any point of time during the financial year, you can submit Form 15H. As per the provisions of section 197A of the Act, Form 15H can be submitted provided the tax on your estimated total income for the financial year computed in accordance with the provisions of the Act is NIL ) and the interest paid or payable to you does not exceed the maximum amount which is not chargeable to tax.

 

(e) Entities exempt from tax as per CBDT Circular: Certain specified entities whose income is unconditionally exempt under section 10 of the Act and who are statutorily not required to file return of income as per section 139 of the Act, CBDT has vide Circular no.4/2002 dated July 16, 2002, granted blanket TDS exemption. Some examples of the specified entities are provident funds, gratuity funds, local authority, hospitals exempt under section 10(23C)(iiiac), educational institutions or university exempt under section 10(23C)(iiiab).

 

(f) Exemption for insurance companies: Certain entities such as Life Insurance Corporation of India, General insurance Corporation of India along with its four subsidiaries or any other insurer are eligible to receive interest on securities without deduction of tax at source, if such securities are owned by them or it has full beneficial interest in the same.