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Qtly return for tds on motor freight

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K P BHANUSHALI

PROPRIETOR

238 Points Posted on 17 October 2011

As per amended rules relating to payments of motor freight to transporters (Section 194-C), no TDS need to be deducted.

Now, point is which records are to be filed in quarterly TDS returns?

Only those 94-C records which are above the two specified limits i.e. Transaction wise Rs.30000/- or Partywise Rs.75000/- or all the records related to each and every transport charges paid need to be reported to I.T.??

As per my view, only transactions above these two specified limits need to be reported to I.T. in quarterly TDS returns.

View welcome

Regards

Replies (1)

SACHIN KOLI

Accountant

40 Points Posted on 31 October 2011

My Friend

It is mendatory w.e.f. 01/07/11 any amount paid to any person, like in your case, should be mentioned in TDS return as nil tds deducted w.e.f. 01/07/11. suppose only 7500/- is paid but you have to mention this payment in your tds return. Only amount paid, date and section i.e. 194c,194i,194j should be mentioned in return. In software of tds, Flag of threshold limit should be shown in record of the deductee file feeding the record.