TDS on Salary Tax Exemption: If you are a salaried employee whose salary income is not taxable, but TDS is being deducted, then you can avail the exemption.
TDS on Salary: If you do a job and the provident fund money is not deducted from your salary, then it is very possible that your TDS i.e. Tax Deduction at Source is deducted. Deducting TDS from someone’s salary means that tax authorities already get tax on your income, but if you are a salaried employee whose income from salary is not taxable, but TDS is being deducted, then you can claim exemption on it. Can take advantage. In such a situation, in the absence of taxable income, you will not have to deduct your hard earned money in tax. You have to fill Form 13 for this. You can apply for TDS exemption through Form 13.
How to apply Form 13?
- First thing about the documents, you have to submit some documents along with Form 13.
- You will have to show proof of income tax return for the last three years. For this, you can show the acknowledgment of ITR.
- Assessment order and audit report for the last three years will have to be shown. E-TDS return acknowledgment has to be shown for this period.
- Also, the estimated income, potential profit and loss for the current financial year will have to be shown.
- Copy of PAN card and TAN of the paying parties should be shown to the assessee.
You will have to submit Form 13 along with all these documents. You can submit it to the Assessing Officer prescribed for the assessee. Somewhere the facility of submitting it online is also available. It will be processed within the next 30 days from the date of submission. One more important thing, if you do not want to follow the process mentioned above, then you have an option to claim refund of TDS while filing tax return.
