The Income Tax Department of India has announced that the TRACES portal is now accepting applications for lower or nil Tax Deducted at Source ( TDS ) and Tax Collected at Source ( TCS ) deduction for the financial year 2024-25.
This is good news for taxpayers who are expecting to have a lower tax liability in FY 2024-25. By filing an application through the TRACES portal, taxpayers can request the deductor to deduct a lower amount of TDS/TCS or no TDS/TCS at all.
The functionality to file an application in Form 13 for a lower or nil deduction certificate under section 197 of the Income Tax Act 1961 for Financial Year 2024-25 is available from February 28, 2024, onwards.
The functionality to file an application in Form 15E for a lower or nil deduction certificate under section 195(2) of the Income Tax Act 1961 for Financial Year 2024-25 is also available from February 28, 2024, onwards.
It is important to note that the deadline to file an application for a lower or nil deduction certificate for FY 2023-24 is March 15, 2024.
For more information, taxpayers can visit the TRACES portal or consult with a tax advisor.
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