Can a university before registration u/s 12aa get relife from TDS deducted by outsider ?Can it apply for certificate u/s 197(1) only on the basis of loss incurred by the university during initial period?
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Tds
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Income of an university is exempt from tax under section 10(23C) if it complies with certain conditions or fits some tests. However, the payer has to deduct tax at source where the payee is an university. It is the university's prerogative to file ITR and claim refund.
Yes, it can apply for lower or nil deduction of tax at source certificate by filing Form 13 under section 197(1).
Thanks,
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