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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
Contract Easily
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Form No. 15 is a certificate issued under Section 197(1) of the Income-Tax Act, 1961, in India. It is used for obtaining a lower tax deduction or a tax exemption on income, particularly dividends, when an individual or entity is eligible for such benefits. Here's a guideline on its use and common mistakes to avoid:
Usage:
Tax Deduction Relief: Form No. 15 is used to request a lower tax deduction at source (TDS) on various types of income, including dividends, interest, and payments to non-resident individuals or entities.
Eligibility Verification: Ensure that you meet the eligibility criteria for lower TDS or exemption under Section 197(1) of the Income-Tax Act.
Complete Information: Fill out the form accurately, providing details such as the nature of income, tax liability computation, and the section of the Income-Tax Act under which relief is claimed.
Submit to the Appropriate Authority: Submit the form to the tax authority, such as the assessing officer, who has jurisdiction over your case.
Common Mistakes to Avoid:
Incomplete Form: Provide all necessary information and ensure the form is complete. Incomplete forms may lead to delays or rejection.
Incorrect Details: Double-check all details, including PAN numbers, financial figures, and the section of the Income-Tax Act, to avoid errors.
Missed Deadlines: Submit the form within the prescribed time frame to avail of the lower TDS rate or exemption.
Lack of Supporting Documents: Attach relevant documents that support your claim for lower TDS or exemption, as required.
Failure to Respond to Queries: If the tax authority seeks clarification or additional information, respond promptly to avoid processing delays.
Not Retaining Copies: Keep copies of Form No. 15 and supporting documents for your records.
Form No. 15 is a valuable tool for taxpayers to reduce TDS on income such as dividends. By adhering to these guidelines and avoiding common mistakes, individuals and entities can effectively claim the tax benefits they are entitled to under the Income-Tax Act.