Dear Friends
If we are taken TAN for firm or Company, is it file compulsory Quarterly TDS Statements even though NO transaction in particular Quarter. pls refer along with Relevant Section of IT Act 1961
CA.KAILASA MURTHY G K (Practice as CA) (183 Points)
06 February 2013Dear Friends
If we are taken TAN for firm or Company, is it file compulsory Quarterly TDS Statements even though NO transaction in particular Quarter. pls refer along with Relevant Section of IT Act 1961
Nikhil Kaushik
(Fellow CA)
(85287 Points)
Replied 06 February 2013
Dear Murthy,
The relevant section is 200(3) which states:
"Any person deducting any sum on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this Chapter or, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed] and deliver or cause to be delivered to the prescribed income-tax authority or the person authorised by such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed."
based on the plain langauge of the section, it can be inferred that the TDS return is to be filed only if there is a reportable transaction in the period covered.
However, to be on the safe side, you may file a nil return (as many people in case of Income-tax return)
CAclubindia
