Reason for non-collection/lower-collection of tax at source
This query is : Resolved
20 November 2013
Please let us know that which flag is required to fill in the remarks column of TCS return 27EQ according to latest TRACES norms. If we collect lower tax at source. We are under receipt of notice regarding 27EQ1 and 27EQ2 for FY 13-14.
20 November 2013
flags for lower deduction:
Flags to be selected in the column "Reason for lower or non deduction of tax" as under :
Flag
For
A: Lower / No deduction for certificate u/s. 197
B: No deduction for declaration u/s. 197A
C : Higher deduction where PAN is not available
T: No deduction for Transporters having PAN (sec. 194C(6) )
X: Lower TCS for certificate u/s. 206C(9)
Y: No deduction due to payment below threshold limit.
Flags to be selected in the column "Reason for lower or non deduction of tax" as under :
Flag
For
A: Lower / No deduction for certificate u/s. 197
B: No deduction for declaration u/s. 197A
C : Higher deduction where PAN is not available
T: No deduction for Transporters having PAN (sec. 194C(6) )
X: Lower TCS for certificate u/s. 206C(9)
Y: No deduction due to payment below threshold limit.
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