Annual e-TDS return is mandatory ?

2391 views 4 replies

Ravikumar.G

Consultant

18525 Points Joined March 2007

What is annual e-TDS/TCS Return?
Ans. Annual e-TDS/TCS return is the TDS return under section 206 of the Income Tax Act (prepared in Form Nos. 24, 26 or 27) or TCS return under section 206C of the Income Tax Act (prepared in Form No. 27E), which is prepared in electronic media as per prescribed data structure. Such returns furnished in a CD/floppy should be accompanied by a signed verification in Form No. 27A in case of Annual TDS returns or Form No. 27B in case of Annual TCS return.

It is mandatory in nature.

Or Quarterly e-TDS is enough.

Replies (4)

Late CA Sampat Jain

Chartered Accountant

4772 Points Joined March 2007

Annual statement of tax deducted or collected or paid.

Rule 31AB. of Income Tax Rule

[The Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems)] shall deliver,—

(i) to every person from whose income the tax has been deducted; or

(ii) to the buyer referred to in sub-section (1) or, as the case may be, to the licencee or lessee referred to in sub-section (1C) of section 206C from whom the amount has been collected; or

(iii) to every person in respect of whose income the tax has been paid,

[a statement referred to in section 203AA or the second proviso to sub-section (5) of section 206C, in Form No. 26AS by the 31st July] following the financial year during which taxes were deducted or collected or paid.]

Late CA Sampat Jain

Chartered Accountant

4772 Points Joined March 2007

Returns are to be filed as prescribed .As prescribed by Income Tax Rules .Rule 31AA of the Income Tax rule prescribes for quarterly e tds returns only