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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Time to act for lower TDS deduction: Form 15E, Form 13 for FY 2024-25 will stop after March 15, 2025; file it now
Income Tax Department has released Form 13 which is used for applying for lower or nil rate of TDS deduction for FY 2025-26. This form can help salaried individuals to prevent excess TDS deductions and ensure that they don't need to go through the process of claiming a tax refund later. Also Form 15E has also been enabled for filing by Indian residents who want to make payments to non-residents at a lower TDS rate.
According to an alert flash on the TRACES portal of the tax department, the functionality to file both these forms (Form 13 and 15E) have been enabled for the upcoming FY 2025-26. However, for the current FY 2024-25 these forms will be made available till March 15, 2025. This means if you want to apply for a lower TDS deduction certificate by filing Form 13 or 15E for FY 2024-25 then hurry up as only two weeks are left.
Read below to know how exactly you should file Form 13 or Form 15E so that everything is proper and the chance of its acceptance is higher.
How to file Form 13 to apply for lower or nil rate of TDS deduction?
Form 13 can only be filed if your income falls under a certain specified section. If your total tax liability for the year is lower than the TDS being deducted by your payer, you can apply for this form to avoid excess TDS deductions.
“Once you file Form 13, the Income Tax Department will issue a certificate specifying the applicable rate of TDS. This certificate can then be submitted to your payer, ensuring that only the correct amount of tax is deducted, saving you from having to
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