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Jul 10, 2021 · Section 197 of the Income Tax Act, 1961 allows the taxpayer the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). In order to apply for this you need to submit Form 13 to the assessing officer.
Section 197 of the Income Tax Act, 1961 permits a taxpayer the facility of NIL or lower tax rate deduction of TDS (or exemption of TDS).
Income-tax Act, 1961. 925 Record (s) | Page [1 of 93] Compare Act/ SectionNEW. Choose Acts: as amended by Finance Act.
An assessee must complete Form 13 to get a NIL or lower TDS certificate under section 197. Such a certificate is issued by the Income Tax Department if the assessee’s estimated tax liability justifies no deduction tax or deduction of tax at a lower rate.
Jun 4, 2024 · Section 197 of the Income Tax Act, 1961 addresses situations where the tax deducted at source (TDS) on a taxpayer’s income may be higher than their actual tax liability. This section empowers taxpayers to apply for a certificate that reduces or eliminates TDS on their income.
197. Certificate for deduction at lower rate.
Jul 2, 2024 · Section 197 of the income tax act impacts financial statements & tax returns by reducing tax deducted at source (TDS) on certain incomes, leading to higher net income reported in financial statements.
