Income Tax TRACES Portal Now accepts Applications for Lower or Nil TDS/TCS Deduction for FY 2024-25
TRACES Portal starts accepting Applications for Lower/Nil TDS/TCS for FY 2024-25
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...
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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