Tds

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Ketaki (Querist)
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28 October 2014 Anyone has a circular or case law stating interest of late deduction is not applicable till the deductee crossess the limit specified in particular section
i.e. limit U/s 194 J Rs. 30,000

Suppose first bill amts to 10,000
Second RS.10000
Third Rs. 15000
On third bill if deductee deducts on total of 35000, whether late deduction int will be applicable on first two pymts or credits.

A.Senthil Subramanian

A.Senthil Subramanian (Expert)
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29 October 2014 Ketkai, there is in an option "Threshold Limit" for these type of cases. Use that Flag when preparing ETDS return. See TIN-NSDL notes for further clarifications.

Ketaki

Ketaki (Querist)
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30 October 2014 A.Senthil Thanks alot, I will check

Ketaki

Ketaki (Querist)
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30 October 2014 Correct me if I am wrong, this flag facilitates revision of return in case of non- availability of PAN no. while filling the return.

My question is whether interest attracts if tds is deducted on crossing the threshhold limit, on the payments or credits made earlier.

Regards,
Ketaki

A.Senthil Subramanian

A.Senthil Subramanian (Expert)
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30 October 2014 Ketaki sir, Please refer the following link. You may fully know about the Flags easily. If we use correctly the Flags, then no Interest will be required to pay.https://www.tdstaxindia.com/2013/10/e-tds-value-of-flag-in-tds-return.html. Thanks for "TDSTAXINDIA". (kindly click on the THANK USER button if you prefer to thank)

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Ketaki

Ketaki (Querist)
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31 October 2014 Sir,
Thanks for the link & information.

Please let me know whether have you used this "threshold option" in any practical case & whether accepted by the department.

Regards,
Ketaki

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A.Senthil Subramanian

A.Senthil Subramanian (Expert)
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31 October 2014 Until this time, there is no such situation to use that threshold option. Because generally we advice the deductor either to Deduct from the first time if the total payments may exceed the limit or just leave to deduct TDS if the total payment may be with in limit. We normally calculate the One year projected total payable amount. But for your case it is advisable to use the threshold option. Because the IT Department gives the correct procedures for this cases. So you may undoubtedly use the option and file ETDS return. For this purpose, you may contact TDSCPC (TRACES) Helpline also.Toll-Free 1800 103 0344, Telephone 0120 4814600.

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