To ensure that the advance tax is received by the authorities when a person receives his or her income, the tax is deducted at the source. A person, who is paying the beneficiary, should deposit the TDS to the Tax collecting authorities. But if a taxpayer does not have any taxable income then a TDS deduction can cause problems. So, there is a way to get an exemption.
TDS Deduction Form 13
Form 13 can be used to get a TDS exemption/concession, it should be filed with the assessing officer. Tax officers assigned to different locations also offer the liable individual to file the application in an online format.
Required Documents
- In addition to a signed Form 13, the taxpayers will have to provide the documents listed below:
- ITR copies of the last three financial years along with acknowledgements.
- Currency year’s income computation.
- Audit report for the same period.
- Acknowledgement of last three financial years for E-TDS return.
- Document to disclose the estimated income and projected P/L account for currency FY.
PAN Card Copy
- TAN is required of the parties that will pay the assesses.
Process Detail
- After the application is submitted, it will be processed within 30 days from the date of submission.
Also read:
How To Open A PPF Account With HDFC Bank?
Who Is Eligible For An Exemption From TDS Deductions?
“This application can be made by any person, corporate, HUF, individual, etc. An individual may also submit a self-declaration in Form 15G or Form 15H for non-deduction of TDS.”
