Comprehensive Online Application for Lower or NIL TDS Services

Sanjay/ January 28, 2022/ Uncategorised

Our Service will include
– Computation of Lower TDS rate or NIL TDS
– Online Form 13 Application and follow up with IT Dept
– Temporary Tan Application and Surrender post Certificate issue
– Filing of Required documents and handling query
– Issuance of Lower TDS/NIL TDS Certificate on NRI sale of property and online verification

NRI Lower TDS Certificate Requirement
If a Non Resident Indian (NRI) and A Citizen of Indian Origin (CIO) sells their property located in India after retaining it at least for three years, then they has to pay long-term capital gain tax at 22.88%* U/s 195 of Income Tax Act 1961 on the capital gain or in simple term on profit made on the property. However, there are deductions available for investment in property or Bonds. However, as per Section 197, every buyer who purchases the property from such NRI or CIO need to deduct a TDS @ 22.88% on gross sales proceed. In such a situation first paying TDS @ 22.88% and then claiming the refund after filing an IT Return, which may take months if not years, is definitely not a wise decision.
Instead, NRI sellers can apply for a lower or No TDS Deduction Certificate by applying form 13 online from Income tax department in case their actual tax rate for income earned is lower than 22.88%, This will saves them from hassles as well as avoid locking of 22.88% of sales proceeds of Property for months which can be avoided.
The best idea to apply for Low or NIL TDS certificate U/s 197 of Income Tax Act as soon as you find a prospective buyer and properly sale value is fixed.
Apart from that here is the twist An NRI can apply for a lower tax deduction. i.e. for deducing his TDS only on capital gains. The TDS (U/s 195) will be calculated only on capital gain rather than on complete sale value, which in fact can be 1% or 2 % and in some case even No TDS may be required if there is no actual gain as per calculations.
Bonus, you can save this TDS as well as by reinvesting re-invest the capital gain in another property within two years or investing in tax-free bonds (within six months). And they need to apply for a lower TDS certificate under section 195 of income tax. He needs to apply to ask a CA to file for 15CB &15 CB and can remit the money to his country or can keep this money in his NRO account, with a maximum limit of $1 million.
We at Shalini Arora and Compnay can help you in the end to end compliance, to make this daunting process to an easy smooth well-coordinated effort. We have a team of best CA/CS to advice you on your financial/taxation matters .any services CA letter, tax calculation, Tax benefits, and tax planning, Moreover, you can do all this process online from anywhere in the world. Well said, ” A stitch in time, saves nine”. You can count on our Expert team In India to carry out your Lower/ No TDS assignment with ease so that you can focus on what matters more to you

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