Lower tds deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2016 Hi

How can i Apply for lower TDS deduction Certificate ??
What is the maximum & minimum amt. for which Lower TDS deduction can be applied
Is it related to Previous year Turnover,etc ??

What if Projected Income mentioned in Application is surpassed ?? or if actual income is much less than projected income

Can Profit making companies apply for Lower TDS deduction certificate ??

Amol S Joglekar

Amol S Joglekar (Expert)
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25 April 2016 Yes. The lower TDS can be applied for in deserving cases. The but obvious proof could be the imediately preceding year's refund.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)
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25 April 2016 Irrespective of profit or loss any assessee can apply for a certificate of lower deduction of TDS under section 197 of the IT Act 1961, if it is estimated that the tax payable on the estimated income will be lower than the amount of TDS.

An application has to be made to the Assessing Officer in the prescribed format alongwith estimated income for the current year. The lower deduction will be applicable only when the Assessing Officer issues Form 13, which has to be submitted to the deductor to enable him to escape the rigors or the TDS Rules.

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