e-TDS :- Income is less than Taxable Income but Deductor is deducting TDS

There is some confusion in the hand of deductee that deductee income is less than taxable income but deductor is deductor is deducting TDS from his income.  What should he do ?.  The answer of question is explained here with given below two FAQ's :- 

Q.1>> I have made some deposits with a bank on which annual interest is around 15000. My income is below taxable limit. The banker wants to deduct tax. What do I do?

Ans >> You can file a self-declaration to the banker in Form 15G or 15H (for Senior Citizens) stating that your income is below taxable limit. The form is available with your banker, the local Income Tax office and can be downloaded from the website www.incometaxindia.gov.in This form should be filed before the interest begins to accrue in the fixed deposit account, since the declaration has no retrospective effect.

Q.2>> I have let out a property for 20,000 per month. The tenant is deducting tax that is more than my tax liability. What can I do under this circumstance?

Ans >> If you compute your tax liability and find it to be lower than the tax being deducted, you may approach your Assessing Officer by filing Form 13. He will issue a certificate directing the tenant to make TDS at a lesser rate. This form is available with the local Income Tax office or can be downloaded from the website www.incometaxindia.gov.in

e-TDS :- "Nil TDS Return" Need not submit more and 12 important Points regarding TDS

Friends,   Before 01/10/2013 or before implementation of  RPU 3.7 or FVU version 4.0 or FVU version 2.136, there was provision to submit Nil TDS/TCS return.   But now validation has been increased and restrict to deductor to file the NIL TDS/TCS return.   During validation through FVU, TDS/TCS statement can not be filed without quoting any valid Challan  or deductee row.   TDS cpc has also released important instructions on 07.10.2013 in the interest of deductors regarding submission of TDS/TCS return which is given below in detail :-

Dear Deductor,

You are the esteemed stakeholder of CPC (TDS). As the due date of filing of quarterly TDS statement for second quarter of FY 2013-14 is approaching fast, you are advised to file TDS statement well before due date (15th October for Non-Government deductors and 31stOctober for Government deductors). You are requested to make note of the following facts before filing the quarterly TDS statement:

1. Correct Reporting: Cancellation of TDS statement and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of tax) in the quarterly TDS statement
2. Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at lower / zero rate on the basis of certificate issued by the Assessing Officer
3. Last provisional receipt number to be quoted in regular TDS / TCS statements: While filing new regular (original) TDS statement, it is mandatory to quote the last accepted provisional receipt number of the regular quarterly TDS / TCS statement of any form type
4. TDS statement cannot be filed without quoting any valid challan and deductee row
5. Late filing fee, being statutory in nature, cannot be waived
6. Download PAN Master from TRACES and use the same to file new statement to avoid quoting of incorrect and invalid PAN
7. Validate PAN and name of fresh deductees from TRACES before quoting it in TDS statement
8. Download TDS certificate (Form16A) from TRACES (w w w . tdscpc . gov . in) bearing unique TDS certificate number and issue to the taxpayers within due date
9. File correction statements promptly in case of incomplete and incorrect reporting
10. Download the justification report to know the details of TDS defaults, if any, on processing of TDS statement
11. Do view your Dashboard regularly to know about your TDS performance
12. Government deductors should obtain BIN (Book Identification Number) from their Accounts Officer (AIN holder) in time and quote the same correctly in TDS statement
    
    

CPC (TDS) is committed to provide best possible services to you.

CPC (TDS) Team