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Q. > Please Help: INCOME TAX

1351 views • Question added Feb 20, 2012 • Income Tax • By himanshu jain , CA

while filling a quarterly Tds Return Form 26Q Through Rpu 2.7 Version Software .In Anexture they are Asking For Reason for Non Deduction, Lower Deduction, Higher Deduction, threshold.....

And They Are Providing Some Option Like A,B.C,Y
so can Any one plz tell me what that option means.

2 Answers

answered Feb 20, 2012 by Ashish Karundia , New Delhi

Dear Himashu,

The said letters i.e. A, B, C and Y may have been explained therein. So would request you to go through the form thoroughly.

answered Feb 21, 2012 by Mrattunjay , New Delhi

everything mentioned in return form , please refer again

Comments

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May I Help You.

21-Feb-2012 , 07:17:50 pm

Shivani Jain : i dont abt dis version ,but it is may be bcoz as per notification higher rate will be use for tax deduction,,if Pan card no. is not provided by Deductee ,,,so reason is pard card not available,,wrong pan card etc

May I Help You.

21-Feb-2012 , 07:18:23 pm

Arpita Agarwal : AS per ur query: 'A' - No deduction under section 197 or 197A ; 'B' -Lower or No deduction/collection under section 197/ 206C (9) ; 'C' - Higher deduction as Shivani Jain said is correct and 'Y' - Threshold transaction is the transaction in which amount paid or creditd to the party does not exceeded the prescribed limit mention in the Act e.g. for sec 194H Rs. 5000.00.

May I Help You.

21-Feb-2012 , 07:19:12 pm

Shilpi Jain : A: stand for lower deduction if a party hold 15 g then that party eligible for lower % of deduction like in case of section 194 c in case of co. 2 % is the rate at which tds is deducted but if deductor deduct at the rate of 1% ; can dededuct if party hold 15 g which is for lower deduction B: stand for nil deduction C: stand for higher deduction Y: stand for threshold limit

May I Help You.

21-Feb-2012 , 07:19:36 pm

Nagpal Hemant : A : tax lowar than parscribed rate i.e income tax exempte for those party cartificate require, B: No tax has been deducted i.e income tax exempte those party cartificate required c: if pan no is not available i.e 20% tax deducted T: receptent is transporter & no tax is deducted Y: thresshold limt. not crossed

Amit Gupta

22-Feb-2012 , 11:55:01 am

A : If lower / nil rate is because of a certificate issued by income-tax officer B : If Nil rate is because of a self declaration in Form 15H / 15G given by the deductee. C: If PAN is not available or invalid and Tds deducted at higher rate. T: If transaction for 194C , deductee have valid PAN and Tds deducted is equal to zero. Y:If transaction is below threshold limit.

Ravi Kumar Jhamb

24-Feb-2012 , 06:12:01 pm

That means if you will deduct lower rate, higher rate on supplier invoice after representation of Govt. department letter. You will highlight which type of deduction you do by given option.