New flag systems in tds return

Dear All,

Please let me clear as per new flag system, is transporter details to be mention in tds return with flag T, if yes then what will be effect if some details left to mention.

Replies (3)

If any one know please explain that which type of transporter details to be mention in tds return,

example : If a company paid transporting of Rs. 30000/- in one consignment and transporter has available pan no.,  should it be mention in tds return with flag "T" as new flag systems issued by NSDL or it is optional and not mendatory to show in return.

Thanks

Primarily the Department has asked to Incorporate two type of entries in the TDS return

1. TDS Not Deducted because PAN No. have been furnished by the Payee-Departme nt has asked to furnish particulars of Amount Credited or Paid. Incorporate Transporters Entry by inserting a Tag T in the remarks column 26Q

2. Furnish Particulars of amlunt paid or credited on which tax was not deducted in view of issue of certificate of no deduction of tax under section 197by the AO of the payee. Incorporate Transporters Entry by inserting a Tag B in the remarks column in 26Q

Dear Hitesh ji,

Thanks for your valuable response, one more confusion is that all transportation transaction will be incorporate in tds return or only that transporter who has cross the threshold limit of Rs. 75000/- P.A. under 94C.

if the details are not incorporated in tds return, will any penalty be imposed by the department.

 

Thanks

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