Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit

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2 Articles, Featured 166 views Guidelines for reporting TDS transactions where amount paid to deductee has not exceeded the threshold limit in the first quarter but in subsequent quarters has exceeded threshold limit (as issue d by the Directorate of Income Tax Systems) 1. Flag Y should be selected in the field of Reason for non deduction/ lower deduction/higher deduction/ threshold to highlight transactions where TDS is not deducted as the threshold for deducting tax has not exceeded. 2. If threshold flag is provided then rate of deduction should be and tax deducted/ deposited (deductee) amount should be Threshold flag is can be quoted only against the following section codes in corresponding challan details: 193,194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J, 194LA 4. Example: In case there is no deduction of tax in the first two quarters of a F.Y., where the prescribed rate of deduction as per Income Tax Rules is 10%, the deductor should report those transactions in the respective quarterly TDS statements with zero rate of deduction ( ), zero tax deducted/ deposited ( 0.00 ) and amount paid in the respective quarters with threshold flag. In the third quarter the threshold limit exceeds, the deductor will mention the prescribed rate of deduction, the amount paid in the third quarter, tax deducted/ deposited (deductee) on the total amount paid till that quarter. The same is represented as follows: PAN Rate of deduction (%) Amount paid (Rs.) Amount deducted (Rs.) Amount deposited (Rs.) Reason for non deduction / lower deduction Q1 PAN ,00, Threshold flag Y present Q2 PAN ,00, Threshold flag Y present Q3 PAN ,00, , , No flag present Source: NSDL Website Tags: TDS Provisions Ads by Google Income Tax Tax Tax Forms Tax Return 2/6

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4 There is no need to file revised returns for the previous qtrs. Although the TDS is made for the previous (ie pertaining to previous quarters) payments where in they were below the threshold limit, as the marking of Y indicates that it is below the thresh hold limit. Also there can be no liability of interest for non payment/late payment on such payments pertaining to the earlier quarters payments. Write a Comment Name (required) Mail (required) Website Comment Send Comment «Rs. 45 crore tax exemption to ICC for World Cup unjustified While processing application u/s. 12AA of the Act Commissioner should not act as an Assessing Authority» Subscribe Subscribe to News Feed Subscribe to Comments Feed Enter your to receive updates: Get Daily Updates Via Enter Your .. Subscribe 4/6

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