Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2011
is tds return is compulsory for private company in case of nil return.
03 December 2011
yes TDS NIL return mandatory in all cases.
an assessee even deducted tds or not, compulsorily required to file quarterly return of TDS
an assessee even deducted tds or not, compulsorily required to file quarterly return of TDS
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2011
PLZ GIVE ME REFRENCE OF PARTICULAR SEC.
03 December 2011
i reply above answer in case of return for form 24Q of last quarter
Filing of NIL TDS return is not mandatory except in case of last quarter for Form 24Q.
NSDL also states that it is upto the assessee whether to keep a record in system or maintain a track with Income Tax Department. If for a quarter TDS return / statement are not filed then the assessee receives a letter / notice from NSDL for nonfiling of e-TDS return/statement. NSDL's letter for non-filing of e-TDS return/statement clearly mentions at the bottom that if the assesee has already furnished or is not required to furnish TDS
return/statement then the letter is to be ignored. But as NSDL is a person uthorized by the income-tax authority, its letter for non-filing of e-TDS return/statement is considered to be a notice from the Income-tax Department and looked upon very seriously. The assesee who has not filed the return because of NIL transactions replies to this letter stating that as there is no transaction during the quarter the return/statement has not been filed. This process is repeated everytime a return is not filed because of NIL transactions. The other option left before the assessee is to file a NIL return.
NSDL/Income-tax Department should clarify the above issue so as to avoid unnecessary confusion with regards to NIL Returns and hence avoiding such replies as they serve no purpose and unnecessarily increase the
administrative burden of both, the assessee and the Department as well.
Filing of NIL TDS return is not mandatory except in case of last quarter for Form 24Q.
NSDL also states that it is upto the assessee whether to keep a record in system or maintain a track with Income Tax Department. If for a quarter TDS return / statement are not filed then the assessee receives a letter / notice from NSDL for nonfiling of e-TDS return/statement. NSDL's letter for non-filing of e-TDS return/statement clearly mentions at the bottom that if the assesee has already furnished or is not required to furnish TDS
return/statement then the letter is to be ignored. But as NSDL is a person uthorized by the income-tax authority, its letter for non-filing of e-TDS return/statement is considered to be a notice from the Income-tax Department and looked upon very seriously. The assesee who has not filed the return because of NIL transactions replies to this letter stating that as there is no transaction during the quarter the return/statement has not been filed. This process is repeated everytime a return is not filed because of NIL transactions. The other option left before the assessee is to file a NIL return.
NSDL/Income-tax Department should clarify the above issue so as to avoid unnecessary confusion with regards to NIL Returns and hence avoiding such replies as they serve no purpose and unnecessarily increase the
administrative burden of both, the assessee and the Department as well.
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