Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Exemption in TDS

Suvendu Laha (CA SERVICE AT TULSYAN GROUP OF INDUSTRIES) (106 Points)

17 January 2009

Dear all,

I am a LIC agent . My income do not exceed basic exemoption limit. But TDS has been deducted by LIC from my commission. Plz guide me what to do so that LIC do not deduct TAX ?

Regards,

Suvendu Laha

Reply
Follow
Share

5 Replies

yogesh dave (service) (376 Points)
Replied 17 January 2009

file form 13 for non-deduction or lower rate deduction of tax with your respective ITO and obtain the no tax deduction certificate from department and submit the same to LIC, on receiving the same they wont deduct any tax from your payment. For this you have to submit last three years income data and proove that there is no liability of tax arising on your income and projected figures for FY 2008-09 in the same format.

Upgrade to CAclubindia Pro. Subscribe Now!

Jagdish Bhalia (Practicing CA) (453 Points)
Replied 17 January 2009

U/s 194H If the Commission and Brokerage exceed Rs. 2500 then Payer liable to deduct TDS on the same without cosidering you are liable to pay tax or not.

you can obtain lower deduction certificates from the IT department for lower deduction of TDS.