No more nil tds return

 

Till recently TDS deductor were use to submit TDS return for a Quarter even if they have not deducted and paid any TDS for a specific Quarter. If Assessee do not have any TDS liability for a specific quarter and he still submits a TDS return such Return is called NIL TDS Return.

CBDT has not made  provided that “TDS statement can not be filed without quoting any valid challan and deductee row. “  Which implies that Nil TDS return is no more permissible.

Earlier Asssessee use to submit NIL TDS return to avoid penalty for late Filing of TDS Return as they use to revise the return post filing of Nil Return. Now the same is not possible. A good move by the CBDT!! The move also clear confusion about Filing of NIL TDS return and it is clear now that Tax Deductor are not required to file NIL Tds return.

Replies (18)

Thanks for sharing the info!!!yes

Very nice info bro thanks for shraing

Dear AYUSH AGRAWAL, is there any CBDT circular showing that Tax Deductor are not required to file NIL Tds return?

re at: /forum/details.asp?mod_id=267549#.UlbSlX8WJ?
ttp://www.caclubindia.com/forum/details.asp?mod_id=267549#.UlbSlX8WJdY
AYUSH AGRAWAL

Read more at: /forum/details.asp?mod_id=267549#.UlbSlX8WJdY

Dear Ayush Agrawal

Is there is any circular or notification disclosing the said statement. please attach or enclosed.

No Such Circular....

Now this is Implied as Stated in Instruction in New utility....

Nice information. But we often received Notices from the TDS ITO that there is no ETDS filed by you, so clarify the same with in 15 days. For these type of notices we have filed  NIL ETDS for all the 4 quarters and giving a reply that NIL ETDS filed now. In this situation what we can do for filing NIl ETDS retrun? CBDT should clarify this problem..If not again Confussion. Deductors expect  CBDT  relaxation on  234E also . In TDS all are problem....

Good move by CBDT...

Bad news for BABU TYPE companies in Kolkata..

Thank you for sharing

Thanks for sharing the infomation

Dear Rajesh. before insulting any assessee, just concentrate on the problematic situations often being faced by an assessee and DO REMEMBER, RAISING A GOOD POINT / REAL ISSUE ALSO LEADS TO BELATED CIRCULAR / CLARIFICATIONS BY THE GOVT. DEPT.

THANKS TO A. SENTHIL FOR POSTING A NEW GOOD POINT AND I AM ALSO WAITING FOR ITS REPLY / SOLUTION.

Regards

Thanks for sharing

Dear Members,

RPU 3.7 in its common help describes how to help a NIL Statement.

 

4. Nil Statement

RPU can be used to prepare a return without a challan and/or deductee. If there is no challan i.e. when no tax has been deposited, then challan sheet should be filled as below -

Field Value

Value

Serial No. (Column no. 301/401/651/701)

1

Section Code(Section Relevent to the Nature of Payment/Collection)

From DropDown Menu

Amount Fields i.e. TDS,Surcharge,Education Cess,Interest and Others(Column no 302/402/652/702 to 306/405/657/707)

0.00 (Zero)

Cheque / DD number

Blank

Date on which tax deposited (Column no. 311/410/662/712) last day of respective quarter e.g. for quarter 4

31/03/2008

Transfer voucher / Challan serial No. (Column no. 310/409/661/’711)

Blank

Whether TDS/TCS Deposited by Book Entry ?(Yes)/(No) (Column no.308/407/659/709)

Blank

Interest `

0.00 (Zero)

Others `

0.00 (Zero)


Nil challans/transfer vouchers need to mandatorily have deductee records with flag  'A', 'B', 'Y', 'S', 'T' & 'Z' (as applicable) in the remarks for lower or non-deduction.


S.Somasundaram sir we know how to file NIL TDS return but the topic is about the CBDT's move on filing NIL TDS returns. Thanks for the details.

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