24q - net taxable income of employee is below taxable limit

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Is it Mandatory to file Salary TDS Return (24Q) in case where the Net Taxable Income of the Employee is below taxable Limit.

For Example:

Mr. A (Employers) paid Salary Rs.25000/- per month to Mr. Y (Employee) the only employee.

Mr. Y has Housing Loan, whereby he submitted Home Loan Certificate of Rs.75000/- (Interest + Principle) to get the exemption of deducting TDS.

Net Taxable Income of Mr. Y = 300000 - 75000 = 225000/-

Now since the Net Taxable Income of the Mr. Y is below basic taxable Limit, hence no TDS is required to be deducted.

But is it mandatory for Mr. A to file Salary TDS Return 24Q for this case?

And does Mr. A needs to file all Four Quarters or only the Last Quarter or Not Required to file any 24Q.

Any Circular / Case law supporting your view.

Thank you.

 

Replies (1)
Hello Surana, NIL TDS Returns (26q / 24q) are not required to be filled now a days. As Manual Form 16 is not Valid, It is advisable to generate Form 16 through Traces by Filling 24q showing Salary & Deduction details. However TDS deduction will be NIL.

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