shankar banerjee (self employed) (162 Points)
20 December 2010What does it imply in a TDS retun : "Whether paid by book entry or otherwise" to be filled in in the last column of the deductee particulars and "Reason for Non deduction or Lower deduction"
Please advice urgently to file a revised return.
Regards
Shankar Banerjee
If payment to the parties (on which TDS has been deducted) has been made actually i.e. by cash, cheque, demand draft or any other acceptable mode, then "otherwise" has to be mentioned in the specified field. But if payment has not been actually made and merely a provision has been made on the last date of the accounting year, then the option "Paid by Book Entry" has to be selected.
Certificate for lower deduction or no deduction of tax is given by the Assessing Officer on the basis of an application made by the deductee. In cases where the Assessing Officer has issued such a certificate, deductor has to only mention whether no tax has been deducted or tax has been deducted at lower rate on the basis of such a certificate.
shankar banerjee
(self employed)
(162 Points)
Replied 22 December 2010
Thanks.
My first query has been settled.
For the second query what woudd be the case if excess amount is deducted from a party in say April and and deposited in May. To compensate, lower amount is deduc ted in subsequent month and deposited in the next month. What has to be written in the column Reason for Non deduction or Lower deduction"
Regards
Shankar Banerjee
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