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Urgent Query on TDS & VAT....PLS HELP

Dimple (Student) (364 Points)

15 January 2010

Is tds return filing compulsory???Whether it is NIL??

TDS on transporters is not there from oct, then also details will be furnished regarding payment to transporters?

What is the VAT % on kachori and samosa??

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9 Replies

Sunil Liladhar Kotak (Manager (F & A)) (2025 Points)
Replied 15 January 2010

although "nil" but u need to file the return.

sunil

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Sorabh Gupta (Manager ( Taxation )) (877 Points)
Replied 15 January 2010

Yes

Dimple You have to file TDS return whether it is of "Nil"

CA Akshay Kumar Mishra (Chartered Accountant ) (1784 Points)
Replied 15 January 2010

It is not really compulsory to file a nil TDS return

PANKAJ SHARMA (ACCOUNTS MANAGER) (79 Points)
Replied 15 January 2010

What is the VAT % on kachori and samosa??

4% VAT is applicable on Haldiram Kachori and Samosa. 0% VAT is applicable on Other Kachori and Samosa.

Atal Gurnani (Manager- Finance) (28 Points)
Replied 25 January 2010

Hi,

As per sec 200 (3) of the income tax act 1961, Nil TDS return not required to be file.

the detail of the transporter also, not compulsory to send

If i am wrong corect me.

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harish (Articled assistant) (24 Points)
Replied 25 January 2010

Nill return is not compulsory

umanath (-) (56 Points)
Replied 25 January 2010

whether the above 194C=furnishing details should be made as u/s 206A with regard payment of Interest without deducting the Tax?

Jagdish Bhalia (Practicing CA) (453 Points)
Replied 03 February 2010

Filing of a NIL statement is not mandatory.

As per section 200(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 quarterly statements for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year and deliver or cause to be delivered to the prescribed income-tax authority73 or the person authorised by such authority such statement in such form74 and verified in such manner and setting forth such particulars and within such time as may be prescribed.]

so in this section in words given in red colour suggests that if any tax deducted by the assessee, only than liability to file the etds statement is arises.so in my view nil statement is not mandatory.

V P Narasimhan (Accounts Manager) (791 Points)
Replied 20 April 2010

Dear all

Though there is no TDS for Transporters since oct but still we stress to mention their PAN no: in their Bill/Invoice so that we will be safe. This is mainly due to some trpt'r says he has got PAN no and plead not to deduct TDS so we insist them to mention PAN no; If you want to go further one step further for a safety precautionery measure you can obtain copy of their PAN card xerox and the same can be kep in our IT file for safety at the time of assessment & scrutiny.