10 August 2015
A company is having a turnover of around 1500 Cr. Also it is doing some job work on which the payer deducts TDS. Since in the trading activity, the company is suffering losses in the last three years, there is no tax payable. but MAT is payable. It claims the TDS deducted on job work as refundable (reduced by MAT). in FY 2014-15, there will be no liability of MAT and also the whole TDS would be refundable. Can it apply in Form 13 u/s 197 of the income Tax Act 1961 for a certificate from Income Tax Department for non-deduction of TDS for FY 2015-16? Is there any hurdle / complication in this ? Please suggest.