TDS Deduction: If more TDS is being deducted from your income than required and you want to avoid the hassle of tax refund every year, then Form 13 can be a great solution for you. With this, taxpayers can get the facility of less or zero TDS deduction. Actually, by filling out Form 13, you can already ensure that additional TDS is not deducted from your income.

It is often seen that companies deduct TDS at the rates prescribed under the Income Tax Act-1961, whether the total tax liability of the taxpayer is that much or not. This affects the budget of many people and they apply for tax refunds. To avoid this hassle, the government has given the facility to taxpayers to fill Form 13.

Why is Form 13 so important

Read More:- PVC Aadhaar Card: The Ultimate Solution to Damaged or Lost Aadhaar Cards

Read More:- Tax savings and tax-free income of up to Rs 24,000 every month, Know how

Form 13 is a special form available under the Income Tax Act-1961. It allows taxpayers to apply for lower or zero TDS deduction. That is, with its help, taxpayers can request in advance that TDS be deducted in the right proportion from their income at source. This can save them from additional deductions.

Who should fill out Form 13

  1. The Salaried employees whose total tax liability is very less than the TDS deduction.
  2. Senior citizens whose total income comes from the pension, interest, or the rent.
  3. People who receive income from rent, dividends, or other investment sources.
  4. Businessmen and independent professionals who want to reduce the TDS levied on their annual income.
  5. People who earn money from investments and want to avoid TDS over the standard deduction.

What is the last date to fill Form 13

The last date to apply for the current financial year 2024-25 is March 15, 2025. Also, the application process for the upcoming financial year 2025-26 has started.

Process to fill the form

First of all, make sure that your income falls in the category on which low or zero TDS deduction can be applied.

Next, log in to the Income Tax Department portal and fill out Form 13.

Next, upload the required documents.

After applying, the Income Tax Department will evaluate it and issue a certificate.

Give this certificate to the concerned institution, so that they can deduct your TDS at the correct rate.

Form 13 is an important tool that saves taxpayers from unnecessary TDS deductions. It not only provides financial security but also ensures time and mental peace. So, if you also want to avoid the hassle of a TDS refund every year, then definitely fill out Form 13

Read More:- Government Announces Major Ration Card Changes, Know Your New Entitlements

Read More:- Tax will be imposed again on UPI and RuPay, Big businessmen will be out of pocket, Know new proposal