Dear  Ram,

As per income Tax amendment on TDS, Every body should disclose all transactions in TDS Return ( Just like payment to transporter with flag "T") with "Y Flag even if specified limit not crossed.

Thats why i am showing all transaction in TDS return.

Regards

Trilochan

thanks to tri

Mr.Trilochan....Can u plz share the link from where u got this amendment....Amendment of "disclosing  all transactions in TDS Return ( Just like payment to transporter with flag "T") with "Y Flag even if specified limit not crossed."

Thanks in Advance

you r asking that  even if the payment of rs, 100 is made than deduct tds?????????????????????????????????????????????????

it is only a wrong practice. tds should be deducted after specified limits.

Until & unless it exceeds Rs. 75000/-, no TDS liability will  arises. so no need to demand any PAN card . and no question of any TDS. When a person not covered u sec 194 C then how one can deduct 20 % TDS.

Software consider 20% automatically only when it will exceeds the limit.

Dear Mr Aditya

Pls See the above amendment

As per the new amendment in case PAN no is not available than TDS will be Deduct @ 20% in all transaction where TDS is applicable.

Key features of File Validation Utility (FVU) version 3.2

·         FVU 3.2 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards and will be mandatory w.e.f April 01, 2011.

·         Mandatory to quote Mobile No. in quarterly TDS/TCS statements for deductor category other than Central govt. and State Govt.

·         Provision to quote the deduction under section 80CCF in salary details (applicable for 24Q Q4).

·         Total deduction under chapter VI A to include:

o   Deduction under section 80CCE

o   Deduction under section 80CCF

o   Deduction under other sections of chapter VI A

·         ‘Surcharge’ amount in salary details (provided annually in Annexure II -- 24Q Q4) should be less than or equal to ‘Total Taxable Income’.

·         ‘Education cess’ amount in salary details (provided annually in Annexure II -- 24Q Q4) should be less than or equal to ‘Total Taxable Income’.

·         ‘Net Income tax payable’ amount in salary details (provided annually in Annexure II -- 24Q Q4) should be less than or equal to ‘Total Taxable Income’.

·         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

• For validating e-TDS/TCS statement (regular and correction) for FY 2010-11 and onwards refer the table below:

Mr.Trilochan you may visit this website.https://www.tin-nsdl.com/eTDSfvu.asp

And I hope now your query will get resolved.

Ms.Tanvi

I know that, if the disclosure depends upon the deducter's wish. here i am the deducter and wish to disclose all the transactions below the specified limit of the sections. then what i will do.

Just  now i talk with the "WEBTEL " phone No. 45054000, they told that if PAN no not provided by the deductee, then rate is 20% even if the specific limit not crossed of the respective sections.

Pls confim it.

Whether your transactions are crossed the limit in the subsequent quater...?

If no,then its not require to disclose the same....

Yes , I am expecting the limit will be crossed in the subsequent quater.

thats why i am disclosing.

It is not MANDATORY...then why r u disclosing it.....and it is your expectation only...it is not Actualy Crossed....

Further its your wish..and I dont know about webtel so no comments for that.....

now m leaving this discussion..