Requiement of tds/tcs return filing
This query is : Resolved
25 April 2012
If any Company have alloted TAN and the same company there are no more transations regarding TDS/TCS in that case the said company will file the TDS/TCS return?
Is it monedatory if yes so which return have to file form 24q, 26q etc. Pls advice regarding the same.
Is it monedatory if yes so which return have to file form 24q, 26q etc. Pls advice regarding the same.
25 April 2012
if there is no deduction done by company then no need to file tds return. you can file nil as voluntarily
24Q is for salary return
26Q is for other than salary return
24Q is for salary return
26Q is for other than salary return
25 April 2012
inspite of 24Q and 26Q other 27Q & 27EQ also required for file for nil transaction???
25 April 2012
27Q is for payments to non residents and
27EQ is for TCS
no there is no requirements to file 27Q & 27EQ returns
27EQ is for TCS
no there is no requirements to file 27Q & 27EQ returns
25 April 2012
thnx murtaza sir for your advice.
25 April 2012
welcome.....
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25 April 2012
I have read one of article that if u have alloted TAN than u have to file TDS/TCS return monedatory even have transaction or not so please clerify the same as we have to file Mar12 qtr TDS/TCS return.
If yes pls provide which section of IT act define.
If yes pls provide which section of IT act define.
25 April 2012
i don't know which article you have read but it also right to file nil return if there is no deduction
Nil TDS on Transporter and others to be reported in ETDS quarterly returns
As per Income tax act section 194C , Tds is not required to be deducted on payments made to transporter if Pan number has been provided to deductor .
Further as per section 197 of Income tax act ,Assessing Officer can issue a Nil rate certificate to parties under specified section on application on form 13 with prescribed details and if such parties produce "Nil " rate certificate to deductor , deductor is not required to deduct tds . so In both the cases tax deduction is Nil.
Third type of Nil transaction is "where amount paid is less than cut off amount given in respective section"
In all three case above , Tin-Nsdl has provided tags in etds return .
To incorporate Nil rate transporter entries in etds return by inserting a tag "T" in remarks in 26q
To incorporate Nil rate entries due to section 197 Tag "B" is to be shown in remarks column in 26q
Now Tin-NSDL has also provided a tag "Y" to incorporate entries of nil deduction where amount is less than cut-off amount.
Now the question is ,whether one should file return as suggested by tin -nsdl or there is legal Binding on us to report such entries.The answer is given below
As per Income tax act section 200 quarterly return is required to be filed where TDS has been deducted .Means if tds has not been deducted then no need to file the return .
But now Income Tax Rules 31AA has been amended to incorporate first two type of entries in quarterly returns from 01.04.2011.
As per new rules amended vide notification 16/2011 dated 29/03/2011
(b)in rule 31A, in sub-rule (4), after clause (iv),the following clauses shall be inserted, namely:-
“(v)furnish particulars of amount paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax under section 197 by the Assessing Officer of the payee;
(vi) furnish particulars of amount paid or credited on which tax was not deducted in view of the compliance of provisions of sub-section (6) of section 194C by the payee.”
so after this amendment we have to report following two type of entries in quarterly return (26q) compulsory
Nil tds on payment to transporter
Nil tds due to nil certificates issued by AO u/s 197 to party
But Act/ rules has not been amended to incorporate third type of entries .(Nil tds due to payment less than cut off amount)
There are chances in few cases that there is no payment /TDS under specific section but there are entries to be reported in above two categories . In that cases we have to create Zero value challan in etds return and have to shown deductee details against that challan .
Nil TDS on Transporter and others to be reported in ETDS quarterly returns
As per Income tax act section 194C , Tds is not required to be deducted on payments made to transporter if Pan number has been provided to deductor .
Further as per section 197 of Income tax act ,Assessing Officer can issue a Nil rate certificate to parties under specified section on application on form 13 with prescribed details and if such parties produce "Nil " rate certificate to deductor , deductor is not required to deduct tds . so In both the cases tax deduction is Nil.
Third type of Nil transaction is "where amount paid is less than cut off amount given in respective section"
In all three case above , Tin-Nsdl has provided tags in etds return .
To incorporate Nil rate transporter entries in etds return by inserting a tag "T" in remarks in 26q
To incorporate Nil rate entries due to section 197 Tag "B" is to be shown in remarks column in 26q
Now Tin-NSDL has also provided a tag "Y" to incorporate entries of nil deduction where amount is less than cut-off amount.
Now the question is ,whether one should file return as suggested by tin -nsdl or there is legal Binding on us to report such entries.The answer is given below
As per Income tax act section 200 quarterly return is required to be filed where TDS has been deducted .Means if tds has not been deducted then no need to file the return .
But now Income Tax Rules 31AA has been amended to incorporate first two type of entries in quarterly returns from 01.04.2011.
As per new rules amended vide notification 16/2011 dated 29/03/2011
(b)in rule 31A, in sub-rule (4), after clause (iv),the following clauses shall be inserted, namely:-
“(v)furnish particulars of amount paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax under section 197 by the Assessing Officer of the payee;
(vi) furnish particulars of amount paid or credited on which tax was not deducted in view of the compliance of provisions of sub-section (6) of section 194C by the payee.”
so after this amendment we have to report following two type of entries in quarterly return (26q) compulsory
Nil tds on payment to transporter
Nil tds due to nil certificates issued by AO u/s 197 to party
But Act/ rules has not been amended to incorporate third type of entries .(Nil tds due to payment less than cut off amount)
There are chances in few cases that there is no payment /TDS under specific section but there are entries to be reported in above two categories . In that cases we have to create Zero value challan in etds return and have to shown deductee details against that challan .
25 April 2012
thnx sir for valuable advice.
25 April 2012
notification on 01.11.2011 is also important to know
Details of 15G-15H to be provided in E TDS statement from 01.11.11
Particulars of transactions with no deduction
Earlier there was requirement to submit details of all payments / credits where no deduction was made in view of certificate of no deduction issued by the income-tax officer
Additionally, now details of payments/ credit where no deduction was made in view of submission of self declaration under section 197A for no deduction of tax under the following sections :
Section 193 interest on securities ,
Section 194A – interest other than interest on securities,
Section 194EE – Payment of NSS deposit,
Section 194 Dividend
Self declaration is given by senior citizens in From 15H and in Form 15G by others
Update : Age Limit for Senior Citizen has been proposed to be reduced to 60 Year wef financial year 2012-13 through Finance Bill 2012
The existing data structure for submission of eTDS statement already lists above requirement in Annexure 6
Code B : In case of no deduction on account of declaration under section 197A. Allowed only for section 194, 194A, 194EE and 193
Hence, the provision to submit such details were existing even at present. The amended rule has now made it mandatory to provide such details
It is due to NOTIFICATION NO. 57/2011 [F.NO. 142/23/2011-SO(TPL)]/S.O. 2429 (E), DATED 24-10-2011.relevant abstract of the notification is given below.
(A) in rule 31A—
............
.............
..(b) in sub-rule (4), after clause (vi), the following clause shall be inserted, namely;—
"(vii) furnish particulars of amount paid or credited on which tax was not deducted in view of the furnishing of declaration under sub-section (1) or sub-section (1A) or sub-section (IC) of section 197A by the payee."
Details of 15G-15H to be provided in E TDS statement from 01.11.11
Particulars of transactions with no deduction
Earlier there was requirement to submit details of all payments / credits where no deduction was made in view of certificate of no deduction issued by the income-tax officer
Additionally, now details of payments/ credit where no deduction was made in view of submission of self declaration under section 197A for no deduction of tax under the following sections :
Section 193 interest on securities ,
Section 194A – interest other than interest on securities,
Section 194EE – Payment of NSS deposit,
Section 194 Dividend
Self declaration is given by senior citizens in From 15H and in Form 15G by others
Update : Age Limit for Senior Citizen has been proposed to be reduced to 60 Year wef financial year 2012-13 through Finance Bill 2012
The existing data structure for submission of eTDS statement already lists above requirement in Annexure 6
Code B : In case of no deduction on account of declaration under section 197A. Allowed only for section 194, 194A, 194EE and 193
Hence, the provision to submit such details were existing even at present. The amended rule has now made it mandatory to provide such details
It is due to NOTIFICATION NO. 57/2011 [F.NO. 142/23/2011-SO(TPL)]/S.O. 2429 (E), DATED 24-10-2011.relevant abstract of the notification is given below.
(A) in rule 31A—
............
.............
..(b) in sub-rule (4), after clause (vi), the following clause shall be inserted, namely;—
"(vii) furnish particulars of amount paid or credited on which tax was not deducted in view of the furnishing of declaration under sub-section (1) or sub-section (1A) or sub-section (IC) of section 197A by the payee."
25 April 2012
Dear Ram,
Now, both articles represent different acts which is used when transaction happens but in case of non transaction there is not need to file nil tds return
now your doubt is clear right ?
Now, both articles represent different acts which is used when transaction happens but in case of non transaction there is not need to file nil tds return
now your doubt is clear right ?
25 April 2012
it is very important information.
25 April 2012
yes, i hav no doubt sir.
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