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QUARTERLY E TDS RETURN

Snarayanaswamy (PRACTISING COMPANY SECRETARY ) (38 Points)

10 May 2007

KINDLY LET ME, IS IT MANDATORY FOR A SMALL PRIVATE LIMITED COMPANY TO FILE NIL RETURN OF TDS EVERY QUARTER. WHETHER THE NIL RETURN IS ALSO SHOULD BE FILED ELECTRONICALLY. IS THERE ANY OPTION FOR SUCH COMPANY TO AVOID FILING OF NIL RETURN EVERY QUARTER. WHAT IS THE CONSEQUENCES OF NOT FILING THE NIL RETURN IN EVERY QUARTER.

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2 Replies

Mohit Jain (CHARTERED ACCOUNTANT) (86 Points)
Replied 10 May 2007

UNFORTUNATELY THIS IS MADATORY FOR EVERY COMPANY TO FILE EVEN A NIL RETURN ELECTRONICALLY. THE REASON IS, IT DEPARTMENT IS SHORTLY PLANNING TO INTRODUCE DEMATERIALISATION OF TDS CERTIFICATED UNDER AN "OLTAS"(ONLINE TAX ACCOUNTING SYSTEM) SCHEME. NON FILLING CAN ENVOKE A PENALTY.

Shipra (25 Points)
Replied 10 May 2007

no dear it is mandatory for every company deducting tax and liable to deduct tax to file a return..if its a NIl return tht means co is not liable to deduct tax and have no liability to file a return ..although NIL return is not accepted by NSDL. neither can be prepared by the softwares available.............check i t out