Now a days, Income Tax Department has been issued Default notices regarding TDS return. Everyone are disturbe with them. Therefore, we clarify such major fact to safe with them. Mostly out of which, lot of defaults have been generated either non-entry of Flag and Codes or wrong entry of Flag and Codes. Present RPU 2.7 do not check following control, which is required.
26Q- Transport Detail - 94C - Rate 0 % -
"T" Reason Code for Transporter not selected in Lower or No deduction/collection.
Some important flag and codes are given as under for knowledge of Deductor :-
Short deduction details
Category of deductee:
'G' - General
'S' - Senior citizen
'W' - Woman
'C' - Company &
'N' - Non-Company.
Tax rate flag:
'L' : Indicates tax deducted at Lower rate as specified in the return.
'P' : Indicates tax deducted at prescribed rates as per the Income Tax Act.
'H' : TDS calculated on higher rate by ITD due to invalid PAN (For sections having multiple sub sections " Tax Rate Basis " is assumed to be 'L')
Reason code:
'A' - Lower or No deduction/collection under section 197/ 206C (9)
'B' - No deduction under section 197 or 197A
'Y' - Threshold transaction
'T' - Transporter transaction
'H' - TDS deducted at higher rate (as per the TDS return)
Amount rounded off
# Applicable only if Tax rate flag is 'L'
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