Implications of non disclosure of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 NIL TDS IS DEDUCTED ON PAYMENT TO TRANSPORTERS.AND FAILED TO DISCLOSE THE SAME IN TDS RETURN(IN FLAG "T").
WHAT ARE ITS IMPLICATIONS ON TAX AUDIT REPORT?IS IT TO DISCLOSED IN TAX AUDIT REPORT??

Ganeshbabu K

Ganeshbabu K (Expert)
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20 May 2013 no it will not considered as a remark in tax audit report

On the other side

Fine u/s 234E for delay in filing of return is 200 per day of default, but as per section 234E(2) what ever penalty/fee should not exceed tax deducted/deductable,

so as we have not deducted nil tds penalty/fee u/s 234E also should be nil

this statutory was introduced because once deductor discloses these details in tds returns it will automatically shows in 26AS of transporter, so that transporter cannot avoid tax on it..

as a statute u should comply this as per ammended rule 31AB

so u can comply with the same from now onwards

refer if u want

https://www.caclubindia.com/articles/inclusion-of-transporters-details-in-tds-returns-are-mandatory-17543.asp

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 SO I NEED NOT DISCLOSE IN TAX AUDIT REPORT.RIGHT?

Ganeshbabu K

Ganeshbabu K (Expert)
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20 May 2013 as per form 3cd 17 clause above issue is not covered in reportable area

so i don't think it is mandatory to disclose

majority of deductors(small scale/ even some big companies) not following this rule

as per my knowledge as it came into effect from 1-04-2011 ,and it is mandatory to show in tds returns but we can ask management to comply with the same to avoid mis compliance

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2013 THANKS A LOT

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