What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

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Want to Achieve any of the below Goals upto 80% faster?

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Want to Achieve any of the below
Goals upto 80% faster?

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1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below
Goals upto 80% faster?

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below Goals upto 80% faster?

Dream Home

Dream Wedding

Dream Car

Retirement

1st Crore

Trusted by 3 Crore+ Indians

Want to Achieve any of the below Goals upto 80% faster?

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Retirement

1st Crore

Form 13 Application: Reduce Your TDS Deduction Easily

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Form 13 Application: Reduce Your TDS Deduction Easily

Mar 21, 2024

15 Mins

Form 13 in Income Tax: A Step Towards Lower TDS Deduction

TDS, or “Tax Deduction At Source”, is a crucial aspect of the Income Tax Act. Under this provision, individuals making payments are required to deduct TDS before making the payment. However, there are instances where the payee's total tax liability is less than the amount of TDS deducted. To address this issue, the government has introduced Form 13 for TDS Deduction.

Form 13 allows taxpayers to apply for lower or no deduction of TDS under Section 197 of the Income Tax Act, 1961. By submitting this form, taxpayers can request a certificate to justify their claim of nil or lower taxability in India. The application must be submitted to the jurisdictional assessing officer (AO) of TDS, who will review the documents and respond within 30 days.

The purpose of Form 13 is to simplify the process for taxpayers and avoid the hassle of filing for TDS refund at the end of the financial year. By obtaining a certificate under Section 197, recipients of income can have TDS deducted based on the rates specified in the certificate. This certificate can be downloaded from the Income Tax portal.

To be eligible for filing Form 13, the recipient's income must attract TDS under specific sections of the Income Tax Act. Individuals, as well as corporate entities, can apply for a certificate. In certain cases, resident individuals or non-firm/non-company entities can submit a self-declaration in Form 15G/Form 15H to avoid TDS deduction.

The process of filing Form 13 for TDS Deduction can be done electronically or manually. Some states, such as Mumbai, Tamil Nadu, and Karnataka, have enabled online filing for faster processing. Taxpayers must provide various details in the form, including income information, tax payments, and contact details. Supporting documents, such as income tax returns and PAN card copies, are also required.

Once the application is submitted and approved, the certificate will be issued by the assessing officer. The certificate can be used to justify lower tax deduction to the deductor. It is important to note that the certificate is only valid for the specified assessment year and period mentioned in the certificate.

In conclusion, Form 13 in Income Tax is a valuable tool for taxpayers seeking lower or no deduction of TDS. By submitting this form and obtaining a certificate, taxpayers can simplify their tax liabilities and avoid the need for TDS refund at the end of the year.