17 Feb Deadlines for Requesting Lower/Nil TDS Deduction for FY 2023-24 and FY 2024-25
TRACES, the TDS Reconciliation Analysis and Correction Enabling System, offers Indian taxpayers the opportunity to apply for reduced or zero TDS deduction if their TDS exceeds their tax liability as per the Indian Income Tax Law, thus potentially improving their cash flow.
Here are the important points summarized:
- Until March 15, 2024, taxpayers can apply using Form 15E for a certificate to lower or eliminate TDS deduction under section 195(2) of the Income Tax Act 1961 for the ongoing financial year (F.Y. 2023-24).
- Starting February 28, 2024, the option to apply using Form 15E for reduced or nil TDS deduction certificate under section 195(2) of the Income Tax Act 1961 will be accessible for the upcoming financial year (F.Y. 2024-25).
- Similarly, until March 15, 2024, taxpayers can use Form 13 to apply for a certificate to lower or eliminate TDS deduction under section 197 of the Income Tax Act 1961 for the current financial year (F.Y. 2023-24).
- From February 28, 2024, onwards, the option to apply using Form 13 for reduced or nil TDS deduction certificate under section 197 of the Income Tax Act 1961 will be available for the next financial year (F.Y. 2024-25).
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