Now, Income Tax Department
has introduced a new Utility / function in the TRACES site wherein the persons having
the TAN No. but are not required to submit a return of TDS because of there is
no payment where they are liable for tax deduction or for any other reason they are not liable for
tax deduction in any particular quarter shall have to submit a Declaration for
the same on TRACES.
Earlier Asssessee use to
submit NIL TDS return to avoid penalty for late Filing of TDS Return as they
use to revise the return post filing of Nil Return. TDS deductor were use to
submit TDS return for a Quarter even if they have not deducted and paid any TDS
for a specific Quarter. After that Schema was given by the CBDT wherein ‘TDS
statement could not be filed without
quoting any valid challan and deductee row. Which implied NIL TDS
Return not to be filed.
The Income Tax department has
been finding it difficult to identify the deductor who are required to file
return but not they have not filed or the Deductors not required to file return due
to NIL TDS.
Now, declaration is to be filed by the Assessees who are having TAN
number. The procedure for filing of Nil TDS return/ declaration for non filing
of TDS statement is as follows:
1. Login through your registered id
at www.tdscppc.gov.in
2. Go to
“Statement/Payments TAB after login >
3. Submit> Declaration for Non filing of TDS statement
Contributed by CA Rahul Singhal
