Tds return

Dear piyush,

The TDS Return to be filed for every quarter is 0n or before due date. if you have not deducted tax on any value, how can you show the same in that quarter. in case if you are filing return balatedly, you should consider in the quarter in which you have actually remitted tax with interest.

Piyushi,

in 2nd qtr file return with 0/NIL

in 3rd qtr file return with total amt.

beause return has to be filled. Madam

Please go through the below mentioned guidelines.

Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax - Systems).

Below guidelines may be referred, if deductor wishes to report the transaction in the quarterly TDS statement where no tax is deducted as threshold limit (as per the provisions of the Income tax Act) of amount paid/credited to deductee has not exceeded in the initial quarter (s) but has exceeded in subsequent quarter.

1. Flag “Y” may be selected in the field of ‘Reason for non deduction/ lower deduction/ higher deduction’ to highlight transactions where TDS is not deducted as the threshold for deducting tax has not exceeded.
2. Threshold flag can be quoted only  against the following section codes in corresponding challan details:
   193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J, 194LA
3. Following approach may be referred for reporting threshold transactions in quarterly statements:
   1. In case there is no deduction of tax in the first two quarters of a F.Y. where the prescribed rate of deduction as per Income Tax Rules is 10%. In the third quarter the threshold limit exceeds.

Approach 1:

The deductor may report those transactions in the respective quarterly TDS statements with zero rate of deduction (‘0.0000’), zero tax deducted/ deposited (‘0.00’) and amount paid in the respective quarters with threshold flag. The deductor will mention the prescribed rate of deduction, the amount paid in the third quarter, tax deducted/ deposited (deductee) on the total amount paid till that quarter. The same is represented as follows:

*The deductor must report the actual date of payment irrespective of the manner of reporting

Approach 2:

The deductor may report all transactions in the quarter in which the threshold has exceeded, represented as follows:

*The deductor must report the actual date of payment irrespective of the manner of reporting

Approach 3:

The deductor may report all transactions in the quarter in which the threshold has exceeded, represented as follows:

*The deductor must report the actual date of payment irrespective of the manner of reporting

what ll be happen if tds deducted late  and remitted late to the bank?

No interest will be payable as threshold limit was not crossed earlier and liability to deduct tax did not arise. As soon as it will cross the limit, liability to deduct TDS arises on the same day. If not deducted at that time, only then interest will payable.

    in 2nd qtr file return with 0/NIL

what interes amount for that late return?

(a) If TDS deducted late, 1%  per month from the date on which tax was deductible to the date it was actually deducted.

(b) if TDS deposited late, 1.5% per month from the date on which tax was deducted to the date it was actually deposited.

For TDS Return, Rs 100/- per day for the period of default. But do not deposit late fees on your own. AO has got discretionary power in this matter. So. would suggest you to file the TDS return and wait for any instruction from AO (TDS).

thank u so much sir

thanks............

2nd Qtr nil return because you have not deducted tax on any amount.

3rd qtr file return with total amt.

What is the rectification Procedure for mentioning wrong TAN in challan by bank?

Go through the following file

/share_files/tds-challan-correction-44356.asp