Business   

TDS returns: clarifications needed

With regard to TDS deductions u/s.194 C etc., where the amount is credited to the payee's account on the last day of the accounting year, the tax can be deposited within two months (by May 31, 2006) from the end of the month in which credit is made.

However, we have to file our quarterly return within 30 days, that is, by April 30, 2006 (last quarter) from the expiry of the quarter. In such a case, how are the payments made or to be made after filing of quarterly return to be accounted? Is the annual return compulsory even if we have filed quarterly returns for all four quarters?

The two questions are best answered by the Income-tax Department itself. Can we expect a clarification to the effect that the statement for last quarter can be filed by end of May and that the annual return, being redundant, will no longer be necessary where returns for all quarters have been filed?

S. RAJARATNAM

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Better working of company law through e-governance
MCA 21 and company directors
Regulation must target market cynicism
TDS returns: clarifications needed
Short-term gains on MF units form part of income
Consumer forum is not the remedy for delay in refund
On-line repositories for videos
Jewellers do roaring sales on Akshaya Tritiya day
KRL gets clearance for phase II capacity expansion

Copyright © 2006, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu