HOW TO DEPOSIT TDS OF APRIL

Page no : 3

CMA KNVV Sri Vidya - Sri Kanth (C.A.Final (New) ICWAI FINAL (New)) (11269 Points)
Replied 07 May 2009

Clarification regarding new Form No.17 - (06-05-2009)

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CMA KNVV Sri Vidya - Sri Kanth (C.A.Final (New) ICWAI FINAL (New)) (11269 Points)
Replied 07 May 2009

5th May, 2009

Mr. S.S.N. Moorthy,

Chairman

Central Board of Direct Taxes

Department of Revenue

Ministry of Finance

Government of India

North Block

New Delhi – 110 001

Respected Sir,

Sub: Clarification regarding new Form No.17

The Income-tax Rules relating to time and mode of payment to Government account of -

(1) tax deducted at source; or

(2) tax paid under Chapter XVII-B; or

(3) tax collected at source under Chapter XVII-BB

have been amended vide the Income-tax (8th Amendment) Rules 2009 with effect from 1st April, 2009.

The two significant requirements arising as a consequence of such amendments are as follows –

(1) The new Rules [namely, Rule 30(4) and Rule 37CA(2)], inter-alia, mandatorily require the person responsible for making deduction, or payment of tax, under Chapter XVII-B, and the person responsible for making collection under Chapter XVII-BB, to electronically furnish an income-tax challan in new Form No.17 within the specified time.

(2) Further, new Rules 30(1)(b) and 37CA(1) provide that all sums deducted in accordance with the provisions of Chapter XVII-B and all sums collected in accordance with the provisions of Chapter XVII-BB should be paid to the credit of the Central Government within one week from the end of the month in which the deduction or collection is made.

From a combined reading of both the requirements [i.e. (1) and (2)] above, it is clear that remittances have to be made by the 7th of the succeeding month in new Form No.17. Therefore, the tax deducted and collected during the month of April, 2009 have to be remitted latest by 7th May, 2009 in new Form No.17.

However, the new Form No.17 has not yet been uploaded in the payment gateway on the sitewww.incometaxindia.gov.in. Only the old challan 281 is available on the website.

Therefore, we request you to clarify whether remittances can be made using the old challan 281. This clarification is required on an urgent basis since the new rules make it mandatory to furnish income-tax challan in new Form No.17 and only two more days are available to comply with this requirement.

Warm regards,

Yours sincerely,

Sd/-

CA. Uttam Prakash Agarwal

CA Gaurav Jain (Chartered Accountant) (399 Points)
Replied 07 May 2009

Wolvorine

Just Click on

icai.org/post.html [ https://icai.org/post.html?post_id=4409&c_id=240 ]

CA.Pujah (Service) (1005 Points)
Replied 07 May 2009

dear all CAs,

Yes'day I have recd an SMS from CA. Sanjay Aggarwal on behalf of LM-Voice-CA informing that NEW TDS FORM 17 HAS BEEN DEFFERRED & OLD CHALLAN 281 CAN BE USED TILL 30 JUN

So all of you go ahead and deposit tax in old challan 281

& Take a chill pill

[:)]

Anil Kumar Patni (Chartered Accountants) (27 Points)
Replied 07 May 2009

Thanks Jitendraji

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MANISH KUMAR MEHTA (CHARTERED ACCOUNTANTS) (72 Points)
Replied 07 May 2009

there is no need to wait for the Form no. 17, beause challan 281 is in existance firstly we have to deposite the tds in old challan 281 & then we have to file the Form 17 for this challan deposite by us. kinldy see the format of Form 17 which require the detail of challan paid, CIN of Challan, BSR Code, & Amount paid. We can say that Form 17 is a Return of Challan not a challan

Indudhar (Tax Advocate) (427 Points)
Replied 07 May 2009

Originally posted by :MANISH KUMAR MEHTA
"	there is no need to wait for the Form no. 17, beause challan 281 is in existance firstly we have to deposite the tds in old challan 281 & then we have to file the Form 17 for this challan deposite by us. kinldy see the format of Form 17 which require the detail of challan paid, CIN of Challan, BSR Code, & Amount paid. We can say that Form 17 is a Return of Challan not a challan I dont agree with u manish, it is not justifying..	"

CA.VVGANESH (SR PARTNER) (27 Points)
Replied 07 May 2009

I feel TDS should not be paid till Form 17 is notified. Reading both the notifications carefully its clear that CBDT should have provided the way to pay the TDS for April 09 on 1st May 2009 itself. Its surprising that Incometax website is SILENT till the last day when all of us seriously awaiting instructions!! Further CBDT should extend the due date for payment of TDS from May 7, 2009 to a suitable date for April 2009!!

vibhav shah (CA) (55 Points)
Replied 07 May 2009

Hi,

AS i have talked with ASK of IT Department, they have confirmed to make the payment of TDS by 280- 281 challan. Form 17 likely to be introduced later date so until further clarification continue with earlier forms

CA.Mkhandelwal (Practice) (156 Points)
Replied 08 May 2009

As per telephonic talk with the helpline of income tax at 0124-2438000 on 7.05.2009 (being the last date for deposit of tds for the month of April-2009) one can still deposit the TDS in the old challan format for the F.Y. 2009-10 since the form no.17 has not been yet hosted at the Income Tax website.