The Income Tax Department has offered an opportunity to all individual and salaried taxpayers to apply for a lower or nil rate of TDS deduction for FY 2025-26.
Form 13 is a facility that enables a salaried person or an individual taxpayer to avoid excess TDS deduction, and the individual will not need to claim a refund later, according to report published in ET.
Form 15E enables an Indian residents to pay to non-residents on a lower TDS rate.
An individual or salaried person can access both forms 13 & 15E on the TRACES portal of the Income Tax Department for the FY 2025-26. But, for the current FY 2024-25, salaried persons will have to file these forms by March 15, 2025. If an individual wants to request a lower deduction certificate, the person will have to do it earliest as only five days are left.
How To Submit Form 13?
An individual will be eligible for Form 13 when the salary falls under a certain specified section. If an individual’s total tax liability is lower than the TDS deducted by the employer, then the person fulfills the condition to fill Form 13 to avoid excess tax deduction.
A senior Chartered Accountant asserted that the Income Tax department issues a certificate to the applicant by specifying the applicable rates of TDS tax deduction once he submits Form 13. The salaried persons or individuals can submit the form to their payers so the actual TDS can be deducted, and it would save them from claiming the refund later.
