Dear All,
As the previous rule of flag systems increased with some new flag I have a query regarding Flay "Y", ie. if company pay rent to landlord but amount is under threshold limit and tds not deducted on the same amount, would this amount be mentioned in tds return with flag or not.
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Sr. No.
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Particulars
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Code
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Whether PAN mandatory
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1
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In case of lower deduction/no deduction on account of certificate under section 197
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A
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Yes
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2
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In case of no deduction on account of declaration under section 197A. Allowed only for section 194, 194A, 194EE and 193
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B
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Yes
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3
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In case of deduction of tax at higher rate due to non-availability of PAN
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C
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No
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4
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In case of Transporter transaction and valid PAN is provided
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T
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Yes
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5
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Transaction where tax not been deducted as amount paid/credited to the vendor/party has not exceeded the threshold limit (as per the provisions of income tax act). Applicable for sections 193,194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J, 194LA.
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Y
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Yes
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6
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For software acquired under section 194J (Notification 21/2012). Applicable from FY 2012-13 onwards.
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S
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Yes
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7
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In case of no deduction on account of payment under section 197A (1F). Applicable from FY 2013-14 onwards
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Z
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Yes
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CAclubindia
