Nil tds returns

This query is : Resolved

Yogesh M Sant (Querist)
Follow

04 August 2011 OUR CLIENT HAVE A TAN. AS PER NEW TDS NORMS IF TRANSPORTERS PROVIDE THEIR PAN THEN NO NEED TO DEDUCT THE TAX AT SOURCE. WHETHER IT IS COMPULSORY TO E-FILE THE NIL TDS RETURNS? IS THERE ANY PROVISION UNDER INCOME TAX ACT FOR NIL TDS RETURNS?

Pragnesh

Pragnesh (Expert)
Follow

04 August 2011 Yes it mandatory to file nil return. but you should incorporate following details in your TDS return.
1. Transapoter's transactions details where no tds has been deducted.
2. vendor's transactions detail where no tds has been deducted due 197 certificate
3. vendor's transactions detail where no tds has been deducted due 197A certificate
4. vendor's transactions detail where no tds has been deducted due threshold limit.

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

04 August 2011 If no tax is deducted during the quarter then there is no need to file nil return.

However in case there is payment to transporter and PAN is quoted so no TDS is deducted then u need to file return for the same even if there are no other TDS deduction during the quarter.

Pragnesh

Pragnesh (Expert)
Follow

04 August 2011 Dear Aditya. Request you to give me any circular or notification reference no. for "no need to file nil return"

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

04 August 2011 Dear Pragnesh, Request you to give me any circular or notification reference no. for "need to file nil return"

Pragnesh

Pragnesh (Expert)
Follow

04 August 2011 Pls. refer Notification No. S.O.858 (E) dated 25th March 2009 [NOTIFICATION NO. 31/2009 - Income-tax (8th Amendment) Rules, 2009 ]. As per notification :
1. Form 24C – TDS Compliance Statement introduced. To be filed by all assesses who have been allotted TAN. It is to be filed quarterly even if no tax is deducted.
2. TDS/TCS quarterly statement to be filed even if no tax deducted. Now even nil return is to be filed. (to be filed annually but quarterly statements)

Pls. revert back in case your opinion is different than my suggestion.

Thanks in advance.

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

04 August 2011 The said form was never implemented in practice and no form was filed for the same. We file form 24Q & 26Q.

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

04 August 2011 see this link
https://taxguru.in/income-tax/income-tax-sixth-amendment-rules-2010-substitution-of-rules-30-31-31a-31aa-37ca-and-37d-form-nos-16-16a-and-27d-insertion-of-form-no-24g-and-omission-of-rule-37a.html

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now