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WHAT ARE THE NEW AMENDMENTS IN TDS

Harshit Malviya (CA final student) (79 Points)

23 June 2009

CAN ANY ONE TELL ME , WHAT ARE THE NEW AMENDMENTS IN TDS W.E.F 1ST JULY 2009 ?

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4 Replies

Mannurkar (Accountant) (159 Points)
Replied 23 June 2009

Read the attached circular

Attached File : 28 circular 2009 on tds final.pdf downloaded: 240 times

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CA. Gurdeep Singh Chawla (C A) (7080 Points)
Replied 23 June 2009

Highlights on changes of TDS

Income Tax Department has issued a detailed circular related to TDS changes from 1^st April 2009. All the items are in effect from the said date. Below is the list of clarifications.

Challan Payment:

Transfer voucher provision removed for government deductors. They are also compulsorily required to make e-Payment.
All the challan payments should happen through Form 17.

i. This is through e-Payment at www.tin-nsdl.com. Facility will be available after 01^st June 2009.

ii. Till then the Payments can be made in ITNS 281 challan, using earlier process. And for such challans paid, the details have to be re-entered in Form 17, between 01/07/2009 to 15/07/2009.

iii. On payment through Form 17, every deductee records will be assigned with a UTN. Such UTNs will be emailed to deductor email address and also will be available for download (UTN File).

iv. Deductees will also have provision to view their UTNs from NSDL website. But it is not very clear, whether it will be available at existing PAN login or a separate option.

From FY 2007-08 and 2008-09:

i. NSDL will also generate the UTNs for TDS returns filed for these years. Such UTNs will be emailed to the deductors and also will be available for viewing and download at NSDL website.

ii. Deductees will also have provision to view their UTNs from NSDL website for these years.

iii. Such UTNs can be mentioned in ITR filing of 2009-10 assessment year.

Quarterly Return:
1. Form 24C has to be filed from first quarter itself.
2. This has to be filed at www.incometaxindiaefiling.gov.in. This will be probably in an XML format!!
3. All the TAN holders have to compulsory file. If there are not records, then a NIL return has to be filed.
Annual returns:
1. Form 24Q, 26Q, 27Q, 27EQ are to be filed before 15^th June of subsequent year. Effectively, the quarterly returns have now been replaced by annual return.
TDS Certificates:
1. For FY 2008-09, deductor can issue either in new format or old format

i. If issued in old format, deductor has to additionally send the consolidated statement of UTN to the deductee, as soon as he receives that.

ii. New forms can also be issued as an alternate.

Certificates can be issued until 30^th June 2009.
For 2009-10 FY, new forms should be used compulsorily.

TDS Claims:

b. TDS/TCS claims will be allowed in ITR, only if:

i. Deducted Amount has been deposited by the deductor through challan payment.

ii. Deductee/deduction information has been furnished by the deductor through TDS Return/Challan.

iii. TDS claimed by the assessee matches with information furnished by the deductor.

H S Rajashree (MBA in Finance) (221 Points)
Replied 24 June 2009

Originally posted by :CA. Gurdeep Singh Chawala

All these changes are there.... but the CPC which processes the returns and refunds is still not setup and ready to handle these changes.

Also, how can F17 alone be uploaded without making a payment for apr and may 09 online? The payments have already been made using 281.

So there are a lot of grey areas which are to be cleared. It would be good for all of us to share whatever useful info we get with others so that we all can handle this transition smoothly.

Rajashree

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Highlights on changes of TDS
Income Tax Department has issued a detailed circular related to TDS changes from 1st April 2009. All the items are in effect from the said date. Below is the list of clarifications.
Challan Payment:

Transfer voucher provision removed for government deductors. They are also compulsorily required to make e-Payment.
All the challan payments should happen through Form 17.

                                                               i.      This is through e-Payment at www.tin-nsdl.com. Facility will be available after 01st June 2009.
                                                             ii.      Till then the Payments can be made in ITNS 281 challan, using earlier process. And for such challans paid, the details have to be re-entered in Form 17, between 01/07/2009 to 15/07/2009.
                                                            iii.      On payment through Form 17, every deductee records will be assigned with a UTN. Such UTNs will be emailed to deductor email address and also will be available for download (UTN File).
                                                           iv.      Deductees will also have provision to view their UTNs from NSDL website. But it is not very clear, whether it will be available at existing PAN login or a separate option.

From FY 2007-08 and 2008-09:

                                                               i.      NSDL will also generate the UTNs for TDS returns filed for these years. Such UTNs will be emailed to the deductors and also will be available for viewing and download at NSDL website.
                                                             ii.      Deductees will also have provision to view their UTNs from NSDL website for these years.
                                                            iii.      Such UTNs can be mentioned in ITR filing of 2009-10 assessment year.

Quarterly Return:

Form 24C has to be filed from first quarter itself.
This has to be filed at www.incometaxindiaefiling.gov.in. This will be probably in an XML format!!
All the TAN holders have to compulsory file. If there are not records, then a NIL return has to be filed.

Annual returns:

Form 24Q, 26Q, 27Q, 27EQ are to be filed before 15th June of subsequent year. Effectively, the quarterly returns have now been replaced by annual return.

TDS Certificates:

For FY 2008-09, deductor can issue either in new format or old format

                                                               i.      If issued in old format, deductor has to additionally send the consolidated statement of UTN to the deductee, as soon as he receives that.
                                                             ii.      New forms can also be issued as an alternate.

Certificates can be issued until 30th June 2009.
For 2009-10 FY, new forms should be used compulsorily.

TDS Claims:

b.      TDS/TCS claims will be allowed in ITR, only if:
                                                               i.      Deducted Amount has been deposited by the deductor through challan payment.
                                                             ii.      Deductee/deduction information has been furnished by the deductor through TDS Return/Challan.
                                                            iii.      TDS claimed by the assessee matches with information furnished by the deductor.

Mannurkar (Accountant) (159 Points)
Replied 24 June 2009

Queries raised by Rajashree are in everybody's mind. But answer is only with the IT authorities. We can only wait and watch for further clarifications from the department.