Tds return
This query is : Open
22 January 2010
I am working with a logistics(transport) company, we enter into transport contracts with the sub contractors for serving our clients.
Now as per the amended provision if
1. the transporter furnishes PAN no tds is not to be deducted
2. if he does not furnishes PAN, tds is to be deducted
Now
While preparing tds return
I will not have to provide detail of 1 above as no tds is deducted
and as regards 2 above I cannot prepare return since I do not have their PAN No.
Kindly advise how should I prepare the return, specific to this case.
Now as per the amended provision if
1. the transporter furnishes PAN no tds is not to be deducted
2. if he does not furnishes PAN, tds is to be deducted
Now
While preparing tds return
I will not have to provide detail of 1 above as no tds is deducted
and as regards 2 above I cannot prepare return since I do not have their PAN No.
Kindly advise how should I prepare the return, specific to this case.
22 January 2010
If transporter provide PAN then no deductin of TDS
if he didn't provide PAN then deposit the TDS full and when filling return don't give name of the transporter. for example you deduct 1 lakh from 10 transporters 10000/- each and only 9 provide you PAN then deposit 1 lakh TDS and while filing return give only 9 names so detail is of only 90 thousand.
Income Tax issued Deductor's manual for this. You can download it from www.tin-nsdl.com
Abstract of this manual is following:
As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS statements with a threshold limit of Permanent Account Number (PAN) of deductees. To facilitate deductors who face problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the deductees who have intimated their PAN, the Income Tax Department (ITD) has specified the following procedure for filing TDS/TCS returns:
• Deductors can file a return containing deductee records which meets the specified threshold limit of PAN quoting, i.e., a deductor can file a return containing deductee details who have provided valid PAN. It can subsequently file a correction return with details of remaining deductees. E.g. as below:
o Suppose a challan payment of Rs.1,00,000/- has been made for non-salary TDS against 100 deductees each with TDS of Rs.1,000/-. Under the existing procedure the deductor will have to quote at least 85 PAN failing which his return will be rejected.
o If there are only 50 deductees whose PAN is available and the deductor attempts to file a return with details of 100 deductees with PAN of only 50 deductees, the return will automatically be rejected at present.
o However, if he files a return with challan amount of Rs. 1,00,000/- and with details of 50 deductees with PAN, with deductee total of Rs.50,000/-, the return will be accepted. It means the deductor can furnish the details relating to such deductees whose PANs are available.
o The deductor can later file correction returns with other details of remaining deductees with the same challan details, i.e., the challan amount should be the amount deposited (in this case Rs. 1,00,000/-).
The return will be accepted so long as the TDS total of incremental deductees is less than or equal to the balance of Rs.50,000/-.
if he didn't provide PAN then deposit the TDS full and when filling return don't give name of the transporter. for example you deduct 1 lakh from 10 transporters 10000/- each and only 9 provide you PAN then deposit 1 lakh TDS and while filing return give only 9 names so detail is of only 90 thousand.
Income Tax issued Deductor's manual for this. You can download it from www.tin-nsdl.com
Abstract of this manual is following:
As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to file TDS/TCS statements with a threshold limit of Permanent Account Number (PAN) of deductees. To facilitate deductors who face problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the deductees who have intimated their PAN, the Income Tax Department (ITD) has specified the following procedure for filing TDS/TCS returns:
• Deductors can file a return containing deductee records which meets the specified threshold limit of PAN quoting, i.e., a deductor can file a return containing deductee details who have provided valid PAN. It can subsequently file a correction return with details of remaining deductees. E.g. as below:
o Suppose a challan payment of Rs.1,00,000/- has been made for non-salary TDS against 100 deductees each with TDS of Rs.1,000/-. Under the existing procedure the deductor will have to quote at least 85 PAN failing which his return will be rejected.
o If there are only 50 deductees whose PAN is available and the deductor attempts to file a return with details of 100 deductees with PAN of only 50 deductees, the return will automatically be rejected at present.
o However, if he files a return with challan amount of Rs. 1,00,000/- and with details of 50 deductees with PAN, with deductee total of Rs.50,000/-, the return will be accepted. It means the deductor can furnish the details relating to such deductees whose PANs are available.
o The deductor can later file correction returns with other details of remaining deductees with the same challan details, i.e., the challan amount should be the amount deposited (in this case Rs. 1,00,000/-).
The return will be accepted so long as the TDS total of incremental deductees is less than or equal to the balance of Rs.50,000/-.
23 January 2010
Sir with due regards there is still some misunderstanding, you are saying that provide the PAN of 9 transporter.
But if i have their PAN why should I deduct their TDS because if PAN is provided by the transporter no tds is to be deducted.
But if i have their PAN why should I deduct their TDS because if PAN is provided by the transporter no tds is to be deducted.
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