Filing nil tds returns
This query is : Resolved
05 March 2014
we are not filing tds returns in
respect of transporters providing their pan numbes.So tds is nil. just I would like to know whether filing of nil tds returns is mandatory or not.
In case answer is yes how the returns will file.Please explain in a detailed manner.
05 March 2014
it is not mandatory to file nil tds return.
05 March 2014
Yes it is mandatory to provide pan of transporters in TDS return,by virtue of ammended rule 31A
Kindly refer to my article here,
https://www.caclubindia.com/articles/inclusion-of-transporters-details-in-tds-returns-are-mandatory-17543.asp#.UrQw__QW11Y
You have to provide pan of transporter .amount paid to transporter with nil deduction under tag T
.
however as per 234E this fee shall not exceed tds deducted..so if in your case (only transport payments eligible for exemption under 194C(6))as tds deducted is nil your fee u/s 234E also nil...
.
.
But you may not escape from New section which impose penalty on you which is Section 271H
(i)Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to One Lac rupees,
a)If deductor exceeds one year time limit to File TDS Statement.
(b)If deductor furnishes incorrect details like PAN, TDS Amount, Payment of Challan etc.
.
.
So it is my advise to file return to avoid penalty under section 271H as you are mandatorily required to file NILTDS return
.
Kindly refer to my article here,
https://www.caclubindia.com/articles/inclusion-of-transporters-details-in-tds-returns-are-mandatory-17543.asp#.UrQw__QW11Y
You have to provide pan of transporter .amount paid to transporter with nil deduction under tag T
.
however as per 234E this fee shall not exceed tds deducted..so if in your case (only transport payments eligible for exemption under 194C(6))as tds deducted is nil your fee u/s 234E also nil...
.
.
But you may not escape from New section which impose penalty on you which is Section 271H
(i)Deductor has to pay a penalty ranging from minimum of Rs. 10,000/- to One Lac rupees,
a)If deductor exceeds one year time limit to File TDS Statement.
(b)If deductor furnishes incorrect details like PAN, TDS Amount, Payment of Challan etc.
.
.
So it is my advise to file return to avoid penalty under section 271H as you are mandatorily required to file NILTDS return
.
05 March 2014
I DO AGREE THAT NIL TDS RETURN NOT MANDATORY BUT,,THAT IS ONLT FOR PURE NIL TDS RETURN,,
Kindly refer to below points which makes my opinion stands correct
.
1)we all knows that TIN-NSDL has released new FVU 4.0 applicable w.e.f. from 01.10.2013 under which it has been specified that
"ETS RETURN HAVING NIL CHALLAN WITH OUT DEDUCTEE DETAILS CANNOT BE FILED"Means ETDS return not possible only for "PURE NIL TDS RETURN"
.
.
2)let me clear,we can say NIL tds returns is two types,
(i)**NIL TDS RETURN WHICH have only NIL AMOUNT CHALLAN AND NIL DEDUCTEE DETAILS(Which can be called as PURE NIL TDS RETURN-which is not mandatory to file)
.
(ii)NIL TDS RETURN HAVING NIL AMOUNT CHALLAN AND HAVING DEDUCTEE DETAILS ALONG WITH REMARKS " tag A,B,T,Z,Y."
**HOPE ALL ARE AWARE OF TAGS MENTIONED IN ABOVE POINT
.
.
3)KINDLY REFER TO MY ARTICLE FROM BELOW LINK WHICH CLEARLY CLARIFIES THE NECESSITY FOR FILING TDS RETURNS WITH NIL DEDUCTION ON PAYMENT TO TRANSPORTERS
.
WHICH GOES WITH TAG "T"
.
YOU CAN ALSO REFER TO INCOME TAX RULE 31A,but well clarified in my article
.
.
https://www.caclubindia.com/articles/inclusion-of-transporters-details-in-tds-returns-are-mandatory-17543.asp#.Umo9GfmnqQA
.
.
Kindly refer to below points which makes my opinion stands correct
.
1)we all knows that TIN-NSDL has released new FVU 4.0 applicable w.e.f. from 01.10.2013 under which it has been specified that
"ETS RETURN HAVING NIL CHALLAN WITH OUT DEDUCTEE DETAILS CANNOT BE FILED"Means ETDS return not possible only for "PURE NIL TDS RETURN"
.
.
2)let me clear,we can say NIL tds returns is two types,
(i)**NIL TDS RETURN WHICH have only NIL AMOUNT CHALLAN AND NIL DEDUCTEE DETAILS(Which can be called as PURE NIL TDS RETURN-which is not mandatory to file)
.
(ii)NIL TDS RETURN HAVING NIL AMOUNT CHALLAN AND HAVING DEDUCTEE DETAILS ALONG WITH REMARKS " tag A,B,T,Z,Y."
**HOPE ALL ARE AWARE OF TAGS MENTIONED IN ABOVE POINT
.
.
3)KINDLY REFER TO MY ARTICLE FROM BELOW LINK WHICH CLEARLY CLARIFIES THE NECESSITY FOR FILING TDS RETURNS WITH NIL DEDUCTION ON PAYMENT TO TRANSPORTERS
.
WHICH GOES WITH TAG "T"
.
YOU CAN ALSO REFER TO INCOME TAX RULE 31A,but well clarified in my article
.
.
https://www.caclubindia.com/articles/inclusion-of-transporters-details-in-tds-returns-are-mandatory-17543.asp#.Umo9GfmnqQA
.
.
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