04 August 2011
OUR CLIENT HAVE A TAN. AS PER NEW TDS NORMS IF TRANSPORTERS PROVIDE THEIR PAN THEN NO NEED TO DEDUCT THE TAX AT SOURCE. WHETHER IT IS COMPULSORY TO E-FILE THE NIL TDS RETURNS? IS THERE ANY PROVISION UNDER INCOME TAX ACT FOR NIL TDS RETURNS?
04 August 2011
Yes it mandatory to file nil return. but you should incorporate following details in your TDS return. 1. Transapoter's transactions details where no tds has been deducted. 2. vendor's transactions detail where no tds has been deducted due 197 certificate 3. vendor's transactions detail where no tds has been deducted due 197A certificate 4. vendor's transactions detail where no tds has been deducted due threshold limit.
04 August 2011
If no tax is deducted during the quarter then there is no need to file nil return.
However in case there is payment to transporter and PAN is quoted so no TDS is deducted then u need to file return for the same even if there are no other TDS deduction during the quarter.
04 August 2011
Pls. refer Notification No. S.O.858 (E) dated 25th March 2009 [NOTIFICATION NO. 31/2009 - Income-tax (8th Amendment) Rules, 2009 ]. As per notification : 1. Form 24C – TDS Compliance Statement introduced. To be filed by all assesses who have been allotted TAN. It is to be filed quarterly even if no tax is deducted. 2. TDS/TCS quarterly statement to be filed even if no tax deducted. Now even nil return is to be filed. (to be filed annually but quarterly statements)
Pls. revert back in case your opinion is different than my suggestion.
04 August 2011
see this link http://taxguru.in/income-tax/income-tax-sixth-amendment-rules-2010-substitution-of-rules-30-31-31a-31aa-37ca-and-37d-form-nos-16-16a-and-27d-insertion-of-form-no-24g-and-omission-of-rule-37a.html
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