TDS - at reduced rate

This query is : Resolved 

16 December 2008

My company has been the service provider for a MNC Bank. The bank deducted the TDS on our bills at the normal rate of 2+%. This year they have been deducting the TDS at enhanced rate of 12+%. Consequently, the TDS on receipts and the advance tax paid by us will be more than the tax liability. This necessitates huge refund by the IT department. Can we approach the ITDept to permit the deduction of TDS at a lesser rate so that in the remaining months the TDS amount would be less and would also reduce the refund liability by the IT dept. If yes, what is the procedure? To whom to approach? Is there any format or form prescribed for the purpose? I shall be grateful for a reply.
S. Krishnamoorthy

Guest (Expert)
17 December 2008

You have to file Form 13 with the assessing officer with the workings mentioned in the form. The AO if satisfied will give certiifcate asking the MNC to deduct at lesser rate. See 197 of the Income TAx ACt

rajesh garg (Expert)
27 January 2009

U can filled an application in form no.13 before the i.t.o. tds with the details of last three years for deduction at lower rate.after verification ito,tds issue certificate for that.

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