| Question And Answer | |
|---|---|
| Subject: | Income tax questions |
| Category: | Income-Tax |
| Querist: | Sundaraiah Kollipara |
| Answered by: | Law Intern |
| Tags: | partnership firm |
| Date: | March 22, 2026 |
Sir,
1 a person rs:15 lacs cash deposit fd in two banks
2.a partnership firm remuneration and interest paid to two partners
Question;
1.a person form 15g, 15h or new form 121 applicable TDS not deducted purpose
2.partners remuneration and interest TDS option applicable f.y.25-26
Yes. The individual depositing ₹15 lakhs cash in FDs will have to file Form 15G (for individuals below 60 years) or Form 15H (for senior citizens aged 60+) for FY 2025-26.
Form 121 becomes effective only from 1 April 2026 (FY 2026-27). For any interest credited in FY 2025-26, you must use the old 15G/15H.
The partnership firm paying remuneration & interest to partners will have to mandatorily deduct TDS u/s 194T (effective from 1 April 2025). There is no option to avoid TDS. The partners will have to claim TDS credit in their ITR.