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CBDT notification on TDS
By Our Special Correspondent
New Delhi
Oct. 9.
The Central Board of Direct Taxes (CBDT) has issued a notification amending the Income Tax Rules, 1961 with a view to rationalise the various rules and forms relating to deduction of tax at source and collection of tax at source. The various provisions under the Income Tax Act provide for filing of application to the assessing officer for no tax deduction or no collection at source or for a lower deduction or lower collection of tax at source. The number of forms for such applications has been reduced from seven to three.
Henceforth, assessees would be required to file applications for no tax deduction or collection at source or TDS/TCS at lower rates in Form no. 13. Applications made by non-residents under section 195 (3) will, however, continue to be made in Form nos. 15 C and 15D.
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