As per Income-tax (Ninth Amendment) Rules, 2007 notified vide No.238/2007, Dated 30-08-2007, the following persons are mandatory required to file TDS / TCS returns electronically on quarterly basis:
1. The deductor is an office of Government, or
2. The deductor is a company; or
3. The deductor is a person required to get his accounts audited under section 44AB in the immediately preceding financial year; or
4. the number of deductee’s records in a quarterly statement for any quarter of the immediately preceding financial year is equal to or more than fifty.
The revised amendment shall come into force with effect from 1st September, 2007.
CONSEQUENCE TO AMENDMENT
1. An Assessee whose accounts required to get his accounted u/s 44 AB of Income tax Act, 1961 in the immediately preceding financial year i.e. 2006-2007, are required to file their tds / tcs returns electronically (e-tds /e-tcs) from the quarter ending on 30th September, 2007.
2. An Assessee whose deductee’s records are equal to or more than fifty in the in any quarter (i.e. quarter ending on 30th June, 30th September, 31st December and 31st March of 2007) of immediately preceding financial year (2006 – 2007) is required to file their tds / tcs returns electronically from the quarter ending on 30th September, 2007.