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#Form13
#section197
#lowerdeductioncertificate

The Income-tax laws permit certain taxpayers to get relief from TDS at a lower or nil rate under Section 197 of the Income Tax Act. Normally, TDS is deducted from salary and various other payments by Deductor and remitted with the Government. In case excess TDS is deducted, the taxpayer is allowed to apply and obtain an income tax refund by filing income tax return for the excess TDS deducted.

Income tax law provides for an option to obtain a certificate from the Assessing officer confirming either a lower rate of TDS compared to the rate specified under the law or a NIL rate of TDS, depending on facts and circumstances of each case based on the application made. Section 197 governs these provisions.

Section 197 application can be made by the recipient of income in case of the following category of receipts where TDS is required to be made under the following Sections:

Section 192 – Salary income
Section 193 – Interest on securities
Section 194 – Dividends
Section 194A – Interest other than interest on securities
Section 194C – Contractors income
Section 194D – Insurance commission
Section 194G – Commission/remuneration/prize on lottery tickets
Section 194H – Commission or brokerage
Section 194-I – Rent
Section 194J – Fee for Professional or technical services
Section 194LA – Compensation on acquisition of immovable property
Section 194LBB – Income in respect of units of investment fund
Section 194LBC – Income in respect of investment in securitization trust
Section 195 – Income of non residents

The eligibility of an assessee to claim the benefits of this rule is determined by the Assessing Officer by assessing his/her existing and estimated liability, which is determined by considering the following:

1. Tax payable on estimated income of the previous year relevant to the assessment year.

2. Tax payable on the assessed or returned income of the preceding three tears.

3. Existing liability under the Income-tax Act, 1961 and Wealth-tax Act, 1957.

4. Payment of advance tax for the assessment year relevant to the previous year until the date of making the relevant application.

5. Tax deducted at source for the assessment year relevant to the previous year until the date of making the relevant application.

6. Tax collected at source for the assessment year relevant to the previous year until the date of making the relevant application.

The certificate issued under Section 197 is only valid for the AY mentioned in the certificate unless it is cancelled or the date mentioned on the certificate expires.

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Form 15G for PF withdrawal, How to fill form 15G, Save TDS on PF Withdrawal Process Online, TDS on FD

Topic covered in this video:

How to fill form 15G

How to fill form 15G for PF withdrawal

How to save TDS on PF withdrawal ?

How to save TDS on FD

How to withdraw pf ?

Form 15G kaise bhare ?

Form 15G fill kaise kare ?

Form 15G fill up, Online Form 15G explained in hindi.
PF withdrawal process online has provided option for online submission of Form 15G on epfindia portal.

In this video, we have discussed about form 15G in details. Save tds on pf withdrawal, save tds on fd by using educational instruction given in this video. Pf withdrawal process online is easiest way to to claim pf online and submit form 15G. Form 15G for PF withdrawal helps to save tds deduction. Form 15G also helps to save tds on bank fd. Interest received from Bank FD is taxable and Form 15G helps to save TDS.

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This Lecture is on how to File TDS Lower Deduction Certificate u/s 197 Of Income Tax Act, 1961/ Form 13 in TRACES website online. Session is divided in to two parts- Theory & Practical.
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