Brief Steps : Lower TDS Deposited Declaration
Due to various reasons there could be a reduction in TDS deduction in the current period as compared to the deduction made in the previous period. In that case Centralized Processing Cell (TDS) has enabled deductor to share relevant reasons for Lower Deduction and/or Lower Payment.
Below are the steps to submit Lower TDS declaration: –
- Step 1 : Navigate to “Declaration to Deposit Lower TDS” under “Statements/ Payments” Menu
- Step 2 :Add statement details with respect to Financial Year, Quarter and Form Type for which declaration needs to be made
- Step 3: Add “Nature of Payment” and “TDS Lower by %”
- Step 4 :Select “Reasons for Lower Deduction” from the drop down menu
- Step 5: Check declaration by submitting “I Agree” radio button
Login to TRACES
Welcome Page
Declaration to deposit lower TDS
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Select Relevant Reason for Lower TDS Deposited
What If Deductor Clicks on “I Agree”
Declaration to deposit lower TDS(Contd.)
Declaration to deposit lower TDS(Contd.)
What If Deductor Clicks on “I Disagree”
If the Deductor Clicks on “ I Disagree “
Deductor Finally Clicks On “I Agree”
Declaration to deposit lower TDS(Contd.)
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Source- https://contents.tdscpc.gov.in
I PURCHASED lic shardhi plus SINGLE PREMIUM POLICY for Rs.one LAC as on May 2011 with insurance cover Rs.1.25 LAC. NOW on Oct 2018 I REPURCHASED the said POLICY. Lic DEDUCTED 1% TDS ON FULL AMOUNT ON THE BASIS OF NAV. RS. 1935/- WAS DEDUCTED TDS & NET AMOUNT RS.191507 WAS CREDITED MY A/C . FULL AMOUNT RS 193507/- WAS SHOWN IN 26AS FORM AS INCOME FOR THE YEAR & TDS ALSO SHOWN. I AM IN 30% TAX SLAB .KINDLY ADVISE ME WHICH AMOUNT I SHALL TAKE IN MY ITR .IS PREMIUM OF RS.ONE LAC IN EXEMPTED WHILE FILLING ITR. ITR RULE IS NOT FULLY CLEAR ABOUT IT
WHICH ITR NO I SHALL FILE TO MINIMISE MY TAX LIABILITY I RETIRED ON 31 AUG.2018 ON ATTAINING AGE 60 YEARS.
I had NOT given Form 15G/15/H. But the Bank refunded certain amount on one particular occasion only and is now shown in Part A of Form 26AS. I have written to the Bank that I have NOT given any declaration. They do not appear to be taking any action. What should I do and what the Bank should do?