The Hindu Business Line : CBDT tells cos to replace paper format returns with e-TDS

THE Central Board of Direct Taxes (CBDT) has clarified that any tax deduction at source (TDS) return filed by India Inc after June 1, 2003 on a paper format will not be in conformity with the legal provisions.

The Board has now held that those corporate deductors who have filed their TDS returns on paper format after June 1, 2003 are required to file the e-TDS return in accordance with the scheme of electronic filing of TDS returns, 2003.

An official release said that this clarification is being made as it has been brought to the notice of the CBDT that some corporate deductors have filed their TDS returns on paper format after June 1, 2003. The Board is of the view that, after coming into effect of the amended provisions, all corporate deductors are mandatorily required to file their TDS returns in computer media only.

It may be recalled that Finance Act, 2003 amended Section 206(iii) of the Income Tax Act, 1961, with effect from June 1, 2003 making it mandatory for corporate deductors to file their TDS returns on computer media.

The Board has also clarified that from July 31, 2003 onwards, all TDS returns have to be filed only in new forms i.e., Form No 24, 26 and 27. A TDS return filed by a deductor in old TDS return form after this date will not be in conformity with law. Such deductors are required to file their TDS returns in new forms to obviate legal consequences, the release said.

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CBDT tells cos to replace paper format returns with e-TDS