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Section 197 of Income Tax Act

Laxmi (Student) (36 Points)

19 May 2011

Hello,

Can someone please tell me what is the purpose of Form No.13 or what is section 197 of Income tax act?

Thanks,

Laxmi

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8 Replies

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 19 May 2011

Sec 197 s regarding deduction of tax at lower rate byreq AO n if hs satisfied...form 13 is d rel form to b submitted fr said purpose

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Laxmi (Student) (36 Points)
Replied 19 May 2011

what does deduction of tax at lower rate means? pls elaborate sirji..can u give an example

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 19 May 2011

It says tht if inc of assessee justifies lowering of tax rate by AO n AO is satified abt d incom tn asesees can mak an application to assesss either deduct tax at lower rate mentiond undersec 192,193,194,194A/C/DG/H/I/J/K. or at NIL rat,

The board can mak specific rules fr specific assessee after considering the convinience to assessee + intrst of revenue...

Laxmi (Student) (36 Points)
Replied 19 May 2011

ok...

for example TDS rate u/s 194J-professional fees is10% so the lower rate will be 10%...correct me if i am wrong

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 19 May 2011

I think yes...b t ther shld be reasons tht must be agrred by AO by showin d circumstances + it shld nt b aginst intrtst of revnue....Practically thy don allow....its meant fr thos asesseee tht has genuine hardship

Hardship which is extsting n will add to thm if tax rate nt lowred.