As per new TDS FVU version 4.0 Nil Returns can be prepared provided some records are there to fill in with certain flags as we don't have Tax Challans/Vouchers.
Nil challans/transfer vouchers with deductee record: Validation as below will be applicable:
Nil challans/transfer vouchers need to mandatorily have deductee records.
In deductee records, flag in the remarks for lower or non-deduction should be “A”, “B”,
“Y”, “S”, “T” or “Z” (as applicable)
This validation will apply for regular and correction statements.
Detailed List of Flags is as under:
Nil challans/transfer vouchers with deductee record: Validation as below will be applicable:
Nil challans/transfer vouchers need to mandatorily have deductee records.
In deductee records, flag in the remarks for lower or non-deduction should be “A”, “B”,
“Y”, “S”, “T” or “Z” (as applicable)
This validation will apply for regular and correction statements.
Detailed List of Flags is as under:
Sr. No. | Particulars | Code | Whether PAN mandatory |
1 | In case of lower deduction/no deduction on account of certificate under section 197 | A | Yes |
2 | In case of no deduction on account of declaration under section 197A. Allowed only for section 194, 194A, 194EE and 193 | B | Yes |
3 | In case of deduction of tax at higher rate due to non-availability of PAN | C | No |
4 | In case of Transporter transaction and valid PAN is provided | T | Yes |
5 | Transaction where tax not been deducted as amount paid/credited to the vendor/party has not exceeded the threshold limit (as per the provisions of income tax act). Applicable for sections 193,194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J, 194LA. | Y | Yes |
6 | For software acquired under section 194J (Notification 21/2012). Applicable from FY 2012-13 onwards. | S | Yes |
7 | In case of no deduction on account of payment under section 197A (1F). Applicable from FY 2013-14 onwards | Z | Yes |
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