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DEPOSITE TDS FOR THE MONTH MAY 2009

Bhuvan (Service ) (33 Points)

02 June 2009

Kindly help abount TDS Deposited for the month of may,2009 it is deposited in new Form

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11 Replies

VIPUL BUBNA (MANAGER TAXATION) (119 Points)
Replied 02 June 2009

TDS for the month of May,2009 is to be deposited using the old challan, as the notification issued for new Form will be effective from 1st july,2009

Therefore follow the old system of payment of TDS

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CA Netra (Practice) (117 Points)
Replied 02 June 2009

Where the payment of TDS or TCS effected on or after the 1^st April, 2009 but not later than 31^st May, 2009 is paid to the credit of the Central Government by using the old challan form, the deductor / collector shall, nevertheless, be required to fill up Form No.17 in respect of such payments any time between 1^st July, 2009 to 15^th July, 2009. Therefore, the deductors/collectors are advised to prepare the schedule relating to details of TDS / TCS from deductees in Form No.17 in advance (in an excel sheet) and be in a state of preparedness to file the same by 15^th July, 2009 so that the UTNs relating to TDS / TCS transactions carried out in the month of April and May can be generated / obtained for onward transmission to the deductees.

CA Netra (Practice) (117 Points)
Replied 02 June 2009

Originally posted by :Netra
"		"

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 02 June 2009

yes till 30.06.09 use old challan

MAHENDRA KUMAR BAGRECHA (FCA) (1402 Points)
Replied 02 June 2009

But as per new circular 2 dated 21.5.09, from 1st june 2009 tds has to be deposited by using new form 17 but till date cbdt has not uploaded any new form on nsdl website. please advice

Originally posted by :Praveen Kumar
"	yes till 30.06.09 use old challan	"

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Vidya (Accounts Executive) (564 Points)
Replied 03 June 2009

As per my understanding there is no need to file Quarterly TDS returns as per the Notification No. S.O.858 (E) dated 25th March, only we have to prepare Quarterly Return in 24Q & 26Q and filing date is annual i.e. is 15th June every year.

Now since the new TDS Form will be applicable from 1st of July, is TDS return for 1st Quarter i.e. April to June 2009 to be filed in July? If yes in which format whether old or new? If no then we should not file any return in July 2009?

Kindly clarify at the earliest

Vani Sreenath (Employed) (66 Points)
Replied 03 June 2009

We need to file quarterly returns in 24C for which the due dates are same as earlier- 15th Jul, Oct, Jan & 15th June. Also, Filinf of Form 24Q & 26Q shall now be required to be filed for all the quarters on or before 15th of June following the financial year. Effectively, the quarterly returns have now been replaced by annual returns.

Vidya (Accounts Executive) (564 Points)
Replied 11 June 2009

that means no need to file quarterly returns from now only a consolidated return for the FY 2009-10 to be filed by 15th June 2010.

Kindly confirm

MAHENDRA KUMAR BAGRECHA (FCA) (1402 Points)
Replied 11 June 2009

Originally posted by :Vidya
"	that means no need to file quarterly returns from now only a consolidated return for the FY 2009-10 to be filed by 15th June 2010. Kindly confirm	"

You still have to file form 24C quarterly and form 24Q and 26Q have to be prepared quarterly and to be filed annually.

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 11 June 2009

For payment of TDS deducted in the month of May old challan 281 and for June as per notification Form no. 17. If it does not show up on the site then wait and watch for any notification in July.

Form No. 24C quarterly w. e. f. 01.04.2009 and to be filed even if NIL return and 24Q & 26Q be prepared quarterly and to be filed annually.

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Vidya (Accounts Executive) (564 Points)
Replied 17 June 2009

In the TDS circular it is mentioned that

"The new system of reporting will be effective for all TDS / TCS transactions made on or after 1stApril, 2009. However, any TDS or TCS effected from 1st April 2009 to 31^st May, 2009 shall continue to be paid to the credit of the Central Government by using the old challan forms. In this case, the deductor / collector shall, nevertheless, be required to fill up Form No.17 in respect of such payments at any time between 1^st July, 2009 and 15th July, 2009.

The TDS or TCS effected on or after the 1st June, 2009 shall be required to be paid by electronically furnishing income tax challan in Form No. 17"

In this case is it necessary to fill up From No. 17 for the transactions for April and May 2009 just fill up the Form No. 17 and no payments to be made since already paid through old challan.

In Form 24C we have to mention only one CIN per month. But in the old challan No. 281 (for April and May) the payments were made according to different Sections and the number of CIN was generated were as per Section (for eg Sec 94C, 92B, 94I, 94J etc separate CIN were generated for each Sections)

Kindly clarify how to fill up CIN in form 24C for the 1st Quarter and what is the effective date for filing (1st July to 15th July, kindly confirm).

Kindly reply at the earliest