hi everyone
As if we have obtained the PAN of transporter in ambit of non deduction of TDS on the same.
Do we need to file a tds return for the same?
suppose we have no other TDS deductions ,but have PAN of transporters only.
14 Replies
Krishan
(Service)
(633 Points)
Replied 08 April 2010
TDS return is to be filed by the persons who have obtained TAN for deduting TDS.
CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 08 April 2010
if have TAN than filling of TDS return is mandatory
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 08 April 2010
Till now i have not seen any circular issued for compulsory filing of TDS if you have a TAN. So TDS return should be made only if some deduction has been during the quarter
Shikha Bajaj
(CA )
(433 Points)
Replied 08 April 2010
Payments to transporters without deducting TDS (as they have quoted PAN) should be reported by Deductor with PAN details to the Income Tax Department in the prescribed format. But i think that prescribed format is not provided by the deptt. till date.
Suggestions from experts are welcome.
Thanks
Shikha
pardeep bansal
(profession)
(63 Points)
Replied 08 April 2010
No TDS return is required to be filed if we have not deducted any TDS during the quarter. If we see practically, non filing of TDS return attracts a penalty of Rs 100 per day but subject to maximum of amount of TDS. And if TDS amount is zero so no penalty can be attracted.
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 08 April 2010
a impresive comment by pradeep bansal.....i agree too..
but
I Think TDS Return should Be Filled if No Deduction Made during Quarter....
Ya Its True That No Case Law I seen Till Now for That Issue.......
but true is that no case law for non filling of return is also not seen.......
so, solution is go for safe side........
& file return..............
only it will make expenses of rs. 28/-
Amit Singh
(Chartered Accountant)
(270 Points)
Replied 08 April 2010
TDS Return need to be filled & you need to give deatil of PAN no. of transporter to income tax department so they can track such assessee & bring them under the purview of income tax law
Shikha Bajaj
(CA )
(433 Points)
Replied 08 April 2010
As already mentioned, the prescribed format for providing the details of payment to transporters has not been notified till date so its better to file a nil return mentioning the details of credit/payment and PAN of transpoerts to be on the safer side.
pardeep bansal
(profession)
(63 Points)
Replied 08 April 2010
Mr Ayush Aggarwal... its not the game of safe side or un safe side. and even its not the question of Rs 28/-. If there is no need to file a return it means professionally we should not file it. A safe side approach is a very negative approach and generally adopted by Govt, Officials. But if we have knowledge and know wat the law is... then why to waste time and rs 28/- I think to prepare a NIL return and to submit it to NSDL needs atleast 1 hour. Wat u think the costing of 1 hour??? so you should say that it will cost 28+ coneveyance+ 1 hour. You must be aware that in this campus interview 3 fresh CA are hired by OLam Internationa for Rs 70 lac p.a. so can u calculate the costing of 1 hour. Always be positive and cool mind while we r in profession.
Nicky
(Chartered Accountant)
(245 Points)
Replied 08 April 2010
Pradeep Sir highly appreciate your approach....
And I am in total agreement with you as far as filing of the return is concerned
abhishek
(STUDENT)
(162 Points)
Replied 08 April 2010
Thanks all,especially Pardeep sir
so now ,should i accept fully that return is not to be filed?
regardless to be on safe or unsafe side,
abhishek
(STUDENT)
(162 Points)
Replied 08 April 2010
mr. vishnu, what is this?is this a place to post something like this
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