Home > Income Tax > Service Plans > Form 13 Filing Service Plan and Pricing Last Updated: Jan 27th 2023
Every Service comes with the benefits such as
Head Automation & Dev Ops at Thomson Reuters
Bankok169 Restaurant Chain
Director-CR, ICFAI Business School
Anuradha Timbers International
A comprehensive list of frequently asked questions.
Form 13 is the application to apply for Lower deduction/collection of TDS/TCS or Nil deduction/collection of TDS/TCS. Form 13 needs to be filed only in Traces website. Once the form 13 is submitted In Traces portal, it will be forwarded to Jurisdictional Assessing officer for approval.
Generally, TDS will be deducted by the buyer on the sale value instead of capital gain. Hence the TDS deduction will be higher. Hence it is recommended to apply for form 13 for NRI’s.
Yes, you can apply for Nil deduction of TDS or collection of TCS in Form 13 if you don’t have any taxable income.
It will take minimum 15 days to 60 days to get the approval of form 13 from Assessing officer. If the AO requires any documentation, he will raise clarification and you need to submit further documentation.
If the AO did not approve Form 13, the TDS will be deducted as per applicable rates as per Income tax act and the tax payer needs to claim refund of excess TDS by filing his income tax return.
Generally Form 13 will be valid from the date of issuance to the end of financial year unless it is cancelled by AO.