Application for lower deduction of tax u/s 197

This query is : Resolved

CA SHANU AGARWAL (Querist)
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13 June 2015 We are applying for lower deduction of tax for partnership firm which is incorporated on 26/08/2014 & as per form 13 requirement we have to give data last three year like B/S, P& L, Audit Report etc..

So its not possible to give all such data.

So my question is .. is it necessary to give self declaration for no income earned in FY 2012-13& 2013-14 & no filling of return & Audit report for F.Y. 2014-15 because new forms are not updated at income tax site.

Amol S Joglekar

Amol S Joglekar (Expert)
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13 June 2015 The partnership registration certificate itself speaks that data for 2012-13 and 2013-14 is NOT applicable.

Produce the data for the period 26/08/2014 to 31/03/2015 and 01/04/2015 till date. That should be sufficient for the Assessing Officer to judge whether or not LOWER deduction is justified.