TDS
This query is : Resolved
21 January 2010
Experts please resolve my doubt in TDS
As the latest amendment in TDS is that rate of TDS is nil under Section 194 C with a condition that PAN of the deductee is compulsory. And failure to quote PAN will lead to levy of 20% on freight paid.
How to file return in this case
Whether to file NIL return even when we pay more than 50000 as freight?
Or
File the return specifying the amount paid as freight and the deductee details with rate of tax as 0 %(nil)
As the latest amendment in TDS is that rate of TDS is nil under Section 194 C with a condition that PAN of the deductee is compulsory. And failure to quote PAN will lead to levy of 20% on freight paid.
How to file return in this case
Whether to file NIL return even when we pay more than 50000 as freight?
Or
File the return specifying the amount paid as freight and the deductee details with rate of tax as 0 %(nil)
CA Debasish Banerjee
(Expert)
23 January 2010
You are correct ( 2nd option ). When the PAN is provided by the transporter the TDS rate is 0% and so you submit the return accordingly. Even if you are not required to deduct tax, in this case, you still pass on the most important information as to the amount you had paid to the transporter. This information is not available if you do not submit the return
Message likes :
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23 January 2010
I also agree with Expert Debasish Banerjee.
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