Tds certificate u/s 197
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2012
Dear Experts,
Pls tell me one person working in LIC as CLIA and getting 180000.00 as commission and 10% on the same value LIC Co. deducted as TDS, can he get certificate from IT Dept for less deduction of TDS.
Pls tell me one person working in LIC as CLIA and getting 180000.00 as commission and 10% on the same value LIC Co. deducted as TDS, can he get certificate from IT Dept for less deduction of TDS.
CA PRAVEEN SINGH
(Expert)
21 August 2012
ection 197. CERTIFICATE FOR DEDUCTION AT LOWER RATE.
(1) Subject to rules made under sub-section (2A), where, in the case of any income of any person, income-tax is required to be deducted at the time of credit or, as the case may be, at the time of payment at the rates in force under the provisions of section 192, 193, 194, 194A, 194D, 194-I, 194K, 194L and 195, the Assessing Officer is satisfied that the total income of the recipient justifies the deduction of income-tax at any lower rates or no deduction of income-tax, as the case may be, the Assessing Officer shall, on an application made by the assessee in this behalf, give to him such certificate as may be appropriate.
(2) Where any such certificate is given, the person responsible for paying the income shall, until such certificate is cancelled by the Assessing Officer, deduct income-tax at the rates specified in such certificate or deduct no tax, as the case may be.
(1) Subject to rules made under sub-section (2A), where, in the case of any income of any person, income-tax is required to be deducted at the time of credit or, as the case may be, at the time of payment at the rates in force under the provisions of section 192, 193, 194, 194A, 194D, 194-I, 194K, 194L and 195, the Assessing Officer is satisfied that the total income of the recipient justifies the deduction of income-tax at any lower rates or no deduction of income-tax, as the case may be, the Assessing Officer shall, on an application made by the assessee in this behalf, give to him such certificate as may be appropriate.
(2) Where any such certificate is given, the person responsible for paying the income shall, until such certificate is cancelled by the Assessing Officer, deduct income-tax at the rates specified in such certificate or deduct no tax, as the case may be.
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