Please Help: TDS Return related
Posted Date : 27-Apr-2017 , 03:44:15 pm | Posted By: Nitesh
Category :
Income Tax | Answers :
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My Firm has given money on Intt. to 3 persons. Annual intt. for F.Y 16 -17 comes around Rs.30,000 for Each but all 3 have given Form 15G declaration for Non-Deduction of TDS. So, No TDS has been deducted by my firm. Now, I have filed From 15G Return Electronically on Incometax website. My Question is Do I have to file Quarterly TDS Return also even if I don’t have any deductee whose TDS is deducted? |
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| Posted By : Mayank Bansal |
03-May-2017, 03:54:00 |
| If the Assessee is not liable to deduct any Tax for any period then, he is not required to file TDS Return for such period.
But, with the span of time, cases of Non-filing of TDS Returns increased and Tax Department finding it difficult to distinguish between:
(i) Persons required to file TDS Return but had not filed, and
(ii) persons not required to file TDS returns and hence not filed.
So, Income Tax Department had introduced the system of Non-Filing Declaration. In such case, if the assesee had not deduct any tax for the period then, he is not required to file TDS Return but, the assessee may file Non-Filing declaration for such period stating the reasons for Not filing of TDS return which in this case will be Non-deduction of TDS.
However, Non-filing declaration is voluntary to file. |
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| Posted By : Vikash Kumar Saini |
03-May-2017, 01:39:35 |
| As per section 194a of income tax act no TDS is required to be deducted If a declaration is submitted under Section 197A by the recipient to the payer along with his/her PAN, then no tax is deductible. Further, as per section 206 of income tax the person who deducts TDS is liable to furnish TDS Return within time limit.
in your case you are not lible to deducte TDS then you are not required to file tds return |
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| Posted By : Nitesh |
27-Apr-2017, 04:43:42 |
| Sorry I have wrongly posted the Question...
My Firm has received Money (Not Given Money) from 3 Persons. |
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