Etds return & 15g/h

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2011 Dear Experts,

I want to know about below note..

it is also informed that the branches are not showing the set of transations in the tds statement where form 15G/15H has been submited by the depositers to the branches for non deduction of tds. please note that such transaction are required to be shown in the tds statements by flagging such transaction with appropriate flag (flag B) as provided in the form 26Q (refer annex - I)

thanks in advance

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 October 2011 This note is in reference to the transactions on which TDS has not been deducted because the Depositors have filed Form 15G/15H.

*

All the transactions on which TDS is applicable (Interest paid/ credited exceeds Rs.10000) are required to be reported in Form No 26Q i.e. TDS Return.
*

These have been categorised in the following manner, where TDS
*
1. has been deducted at the prescribed rate (say 10%),
.

2. has been deducted at lower rate or not deducted (in the cases where depositor furnishes a certificate issued by ITO of this intent)
.

3. has not been deducted ( in the cases where the depositor makes a declaration in Form 15H/15G)
.

All these transactions are required to be reported in the TDS Return by filling up the details in the columns provided in the Form 26Q.
.

Further Form No 15G/ 15H are required to be deposited with the IT department on or before the 7th April just coming after the end of the Financial Year.

.

It seems that, in your case, these forms have not been deposited with the department. It implies that your branch has defaulted in deducting tax at source.
.

.

Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2011 thank you very much sir for your valuable reply,

what i was doing in ETDS return, take all the tds deductions data of 10% with PAN & 20% without PAN and deposited challan from which validation was doing,

but now intimate that 15G/15H data also have to take in ETDS return but if i didnot deduct tds then how could i take non deduction data in etds return.

how the rpu will accept these entries for validation.

do i need to take all parties whos interest amount are over 10K and select B flag as non deduction 15G/H ?
what about non deduction challan amount ???

how do i validate if i have no deposit challan ??? do rpu accept ???
once again request for clarification.

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