Tds

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19 March 2013 why a lower rate of tax deduction certificate is taken and what is the eligibility criteria???????/////

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 March 2013 You can make an application to the Assessing Officer for deduction of tax at a lower rate or non deduction of tax. The application has to be made in Form No.13.

If the Assessing Officer is satisfied that the total income of a tax payer justifies the deduction of income tax at any lower rate or no deduction of income tax, he may issue a certificate in Form No. 15AA providing for deduction of tax at lower rate or no deduction of tax.

The certificate is valid only for the assessment year as specified therein. On expiry of the validity period, a fresh application may be made.

Form no 13 may be downloaded from below link--

http://www.accounting-n-taxation.com/support-files/itr62Form13.pdf

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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18 July 2013 Now a days the application is to be made to the ITO TDS u/s 197 for lower deduction of tax this is done because the marginal income either do not attract any tax or if at all attracted the TDS deducted is much more than the desired tax on the income and it takes several months to get the refund and that too at a cost.

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