{"id":599,"date":"2023-11-11T12:41:02","date_gmt":"2023-11-11T12:41:02","guid":{"rendered":"https:\/\/caalokkumar.com\/my-writing\/?p=599"},"modified":"2023-11-11T12:41:02","modified_gmt":"2023-11-11T12:41:02","slug":"procedure-for-applying-for-lower-deduction-certificate-under-section-197-of-the-income-tax-act-1961","status":"publish","type":"post","link":"https:\/\/caalokkumar.com\/my-writing\/procedure-for-applying-for-lower-deduction-certificate-under-section-197-of-the-income-tax-act-1961\/","title":{"rendered":"Process to get TDS Lower deduction U\/s 197"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Procedure for Applying for <a href=\"http:\/\/www.itrkendra.com\" target=\"_blank\" rel=\"noopener\">Lower Deduction Certificate under Section 197<\/a> of the Income Tax Act, 1961<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Registration on TRACES:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Access the <a href=\"https:\/\/contents.tdscpc.gov.in\" target=\"_blank\" rel=\"noopener\">official website: https:\/\/contents.tdscpc.gov.in\/<\/a>.<\/li>\n\n\n\n<li>Click on the &#8220;Login&#8221; option and choose &#8220;Register as New User.&#8221;<\/li>\n\n\n\n<li>Select &#8216;Taxpayer&#8217; from the provided drop-down list.<\/li>\n\n\n\n<li>After selecting &#8220;Proceed,&#8221; the registration form will be presented.<\/li>\n\n\n\n<li>Input the necessary information, submit the form, and complete the registration on TRACES.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filing Form 13 after TRACES Registration:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Log in to TRACES and, under the &#8216;My Profile Tab,&#8217; register the <a href=\"http:\/\/www.wealth4india.com\" target=\"_blank\" rel=\"noopener\">Digital Signature Certificate (DSC)<\/a> of the authorized person.<\/li>\n\n\n\n<li>Navigate to the &#8216;Statements\/Form&#8217; tab and select &#8216;Request for Form 13.&#8217;<\/li>\n\n\n\n<li>Form 13 will be displayed, and the applicant must provide the following details:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Basic details of the Company and authorized person registered on the TRACES portal (auto-populated).<\/li>\n\n\n\n<li>Details of existing liability under the Income-Tax Act.<\/li>\n\n\n\n<li>TAN-wise details of estimated income\/amount to be received from parties during the subject year (e.g., FY 2019-20) with relevant TDS sections (e.g., Section 194C, Section 194J, etc.).<\/li>\n\n\n\n<li>Requested rate of TDS proposed by the taxpayer for the estimated income.<\/li>\n\n\n\n<li>Details of projected income for the subject year (e.g., FY 2019-20) and the immediately preceding financial year (FY 2018-19).<\/li>\n\n\n\n<li>Details of estimated tax computation for the subject year and the immediately preceding financial year.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Upload supporting documents, including:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Final Assessment orders for the last four assessment years.<\/li>\n\n\n\n<li>Details\/workings for estimated income and tax computation (self-attested by the authorized person).<\/li>\n\n\n\n<li><a href=\"http:\/\/www.caalokkumar.com\">Audited Financial Statements<\/a> of the last three years.<\/li>\n\n\n\n<li>Projected Balance Sheet &amp; P\/L income for the subject year and the immediately preceding financial year (self-attested by the authorized person).<\/li>\n\n\n\n<li>Acknowledged copy(s) of TDS returns filed for the last two financial years.<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Once all details are completed and documents uploaded, submit Form 13.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Post-Submission Process:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The online Form 13 undergoes processing and review by the Assessing Officer (AO).<\/li>\n\n\n\n<li>The AO reviews the details and documents, seeking clarifications if necessary.<\/li>\n\n\n\n<li>Upon AO approval, the application is forwarded to the Additional Commissioner of Income Tax (Addl CIT) for approval.<\/li>\n\n\n\n<li>Post approval by Addl CIT, the application is sent to the Commissioner of Income Tax (CIT) for final review and approval.<\/li>\n\n\n\n<li>After approval by CIT, the application is successfully completed, and the process for generating the lower withholding certificate is initiated.<\/li>\n\n\n\n<li>Once the Lower Withholding certificate is generated, it can be downloaded from the TRACES portal.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">In case of assistance or guidance, you may ask to our <a href=\"http:\/\/www.itrkendta.com\" target=\"_blank\" rel=\"noopener\">Tax expert team<\/a> for support.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Procedure for Applying for Lower Deduction Certificate under Section 197 of the Income Tax Act, 1961 Registration on TRACES: Filing Form 13 after TRACES Registration: Post-Submission Process: In case of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-599","post","type-post","status-publish","format-standard","hentry","category-income-tax-act-1961"],"_links":{"self":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts\/599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/comments?post=599"}],"version-history":[{"count":1,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts\/599\/revisions"}],"predecessor-version":[{"id":600,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/posts\/599\/revisions\/600"}],"wp:attachment":[{"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/media?parent=599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/categories?post=599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/caalokkumar.com\/my-writing\/wp-json\/wp\/v2\/tags?post=599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}