WEBTEL BULLETIN  

  • We hope that by now you must have filed TDS/TCS returns for Jan.-Mar 2008 (Q4 of  F.Y. 2007-08). 

  • The next TDS responsibility is also round the corner. The returns for the next quarter i.e. Apr.-Jun. 2008 have to be filed by Tuesday, 15th July, 2008 (14th July in case of 27Q for Non-residents).  
  • You will have only 8 days to file the returns if you deposit tax by 7th July 08.  
  • Please ensure that you have 95% PAN for Form 24Q and 85% PAN in case of 26Q & 27EQ (TCS cases).  

      IMPORTANT INFORMATION

       VERIFICATION OF TDS  CLAIM 

        (IT RETURNS  A.Y. 2007-08)  

        No verification of TDS claimed in IT Return

        TDS claim would not be verified if BOTH the conditions are satisfied :  

  1. Total TDS claimed is upto Rs. 5,00,000/- and
  2. Refund is upto Rs.25,000/-  

        As a result,  92% of  refund cases would be settled without asking for TDS certificates or challans, even in case of mismatch.  

      Verification of TDS claimed in IT Return

        TDS claim would be verified in the following cases :

  1. ALL Scrutiny cases (irrespective of the amount of TDS or refund).
  2. Refund exceeds Rs. 25,000/-.
  3. Total TDS claimed exceeds Rs. 5,00,00.
  4. Refund exceeds Rs. 25,000/- and TDS claimed exceeds Rs. 5,00,000/-.
  5. Cases of duplicate or bogus PAN.
  6. Where TDS certificates were not produced for processing of returns of A.Y. 2006-07  inspite of demand for the certificates.  

 

      TDS DRIVE  

  1. Intensive 2 month campaign for Jul. 08 & Aug. 08 with weekly monitoring.
  2. Asking non-filers to  file TDS returns for Financial Year 2006-07.
  3. Follow up in cases where TDS returns were filed but PAN of big deductees (whose tax deducted exceeds Rs. 1,00,000/- ), was not reported in TDS returns.
  4. A concerted effort in improving TDS compliance to follow.

   

(Source : INSTRUCTION NO. 6/2008, DATED 18-6-2008, IT Department)