I have made a payment of Rs 65000/- to a single transporter throughout a period of 2010-11 who also have provided me his PAN. Whether it is compilsory to file TDS return his overall limit of Rs 75000 has not been exceeded.
11 Replies
KIYOSH
(TAX CONSULTANT)
(332 Points)
Replied 04 May 2011
IF ANY BILL AMT IS GREATER THAT 30,000/- THAN U HAVE TO DEDUCT TDS.
SECONDLY IT IS COMPUSORY TO FILE NIL TDS RETURN
CA Mahendra modi
(Deputy Manager)
(251 Points)
Replied 05 May 2011
TDS Return has to be filed, giving tag 'T' in TDS Return.
Vidhya
(111 Points)
Replied 05 May 2011
TDS return has to be filed as the department will need to know the amount paid to transporter.
Government has recently release Return Preparation Utility (RPU version 2.2) and FVU version 3.0 which contains the field in respect of Transport charges where TDS been deducted at nil rate
Transporter transaction where no deduction has been carried has to be marked separately as “T”. Flag “T” to be mentioned in the field for lower or no deduction at deductee detail
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 05 May 2011
The important thing to note in this regard is that, as per the ammended provisions, Transport payment is not exempt from TDS but the rate is "0%". So, the return has to be filed mentioning the payments made to the transporters.
CMA Divya Pherani
(Cost Accountant)
(33 Points)
Replied 05 May 2011
In case of transporter if pan is available then t.ds. will not be deducted w.e.f 1/10/09. so, no need to file t.d.s return for the f.y 2010-11.
CMA Divya Pherani
(Cost Accountant)
(33 Points)
Replied 05 May 2011
In case of transporter if pan is available then t.ds. will not be deducted w.e.f 1/10/09. so, no need to file t.d.s return for the f.y 2010-11.
Sathya Sankeerth K N
(Chartered Accountant)
(429 Points)
Replied 05 May 2011
TDS is to be made towards the above category of payments only when transaction amounts to more than Rs. 30000 or Rs. 75000 in a year. As in your case for the whole year you have made Rs. 65000 payment, but as the rate of deduction is 0 there is nothing to worry. But NIL tds return has to be filed in the respective quarter and also furnish, to the prescribed income-tax authority or the person authorized by it, such particulars, in such form and within such time as may be prescribed.
CA KRISHNA KUMAR DARUKA
(CHARTERED ACCOUNTANT)
(4458 Points)
Replied 05 May 2011
Filing of NIL return is not mandatory. No where in the Act it is written that TDS return has to be filed by everyone and every quarter. Transporter transactions are to be reported in TDS return if they exceed threshold limit. Please go through the follwing section 200(3) of the IT Act:
(3) Any person deducting any sum on or after the 1st day of April, 2005 in
accordance with the foregoing provisions of this Chapter or, as the case may be,
any person being an employer referred to in sub-section (1A) of section 192 shall,
after paying the tax deducted to the credit of the Central Government within the
prescribed time, prepare such statements for such period as may be prescribed and deliver or cause to be delivered to the prescribed income-tax
authority or the person authorised by such authority such statement in such form and verified in such manner and setting forth such particulars and within
such time as may be prescribed.
From the language of the above section it is clear that one has to file TDS return only if the person has deducted and paid the TDS.
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 05 May 2011
I was little bit confused on reading the initial question. I read it as "I have made a payment of65000 to a single transporter". By mistake i didnt read the rest of it that it was throughout the year. I will add a little to my opinion given earlier. That if a single payment exceeds30000 or aggregated during the year to a single party exceed75000 then-
(i) In case of PAN available of the payee, no tds but u need to file the return
(ii) In case of PAN not available, TDS @ 20%. No need to file return.
I would like to thank CA. Krishna Kumar Daruka because of whom i read the initial question twice and understood my reading error. Thank you sir.
Recent Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
