Everyone knows that lot of default notices regarding Tds have been issued by Income Tax Department . 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|
|Note: * 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'