Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 October 2014 If i'm making any payment which below the thresold limit say Rs. 20000 under section 194J,

Than shall i have to report this payment in the TDS return 26Q or NOT.

Please someone tell me

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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04 October 2014 No, only amount paid or payable on which TDS is deducted will be shown in 26Q.

Thanks.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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04 October 2014 Disagree with other expert's comment. If you may notice the TDS return flags, you may refer to Flag "Y" -

"Transaction where tax not been deducted as amount paid/credited to the vendor/party has not exceeded the threshold limit (as per the provisions of income tax act). Applicable for sections 193,194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J, 194LA."

had the intention of the department was to exempt reporting of such transactions, there wont have been need to provide the above referred Flag.

Thus, it is amply cleared by the TDS return form itself that such returns are to be reported. Only where all the payments made during the quarter were below threshold limit and accordingly, no TDS was deducted, the deductor may file reasons for non-filing of return as "payments below threshold limit" However if you are filing the return and all payments made are to be provided.

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CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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05 October 2014 Thanks for correcting me Nikhil.

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2014 So, I have to report in the TDS return for the payment not exceeding the thresold limit.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 October 2014 yes...as per rules, you should....