The Centralized Processing Cell (TDS) automated the Default identification process in respect of TDS statements submitted. CPC (TDS) has highlighted the need for correct and complete reporting of data in the TDS statements and has therefore, implemented processes to enforce compliance. With the above functionality made available by TRACES, intimations have been sent to the deductors,…
Following are some useful information to adhere before submitting Corrections, with special reference to C3 & C9 What are C3 & C9 Corrections? C3 Correction involves Updation or Addition of Deductee details in the TDS statement. The facility to delete Deductee records has now been discontinued for the purpose of correct reporting and is no…
In case, the PAN Numbers are not furnished by the deductees, the respondent-assessee cannot be penalised under Section 272B. Section 139A also imposes the obligation on the deductees to furnish PAN Number to the deductor. The Board in the letter dated 5-8-2008 vide No. 275/24/2007-IT(B) has clarified that penalty of 10,000/- under Section 272B is…
Interactive Voice Response (IVR) for knowing the status of the PAN/ TAN application is now available at TIN call centre (TCC) in Hindi/English language. You may call on 020- 27218080 to check the status of your application.
Fees for services rendered by non-resident is deemed to accrue or arise in India, whether or not non-resident has place of business in India if he has rendered services in India. Explanation to section 9 says, For the removal of doubts, it is hereby declared that for the purposes of this section, income of a…
1.What is a justification report? It is a document which serves as an annexure to the intimation to be sent to the deductor. Intimation will be sent to the deductor through mail / post but a justification report will have to be downloaded from the portal. 2.What is the purpose of justification report? This document…
It is mandatory for Government deductors, who are reporting TDS without payment through bank challans, to quote correct Book Identification Number (BIN), while filing TDS/TCS statement. In case correct BIN is not quoted in the respective TDS statement, a Short Payment demand shall be raised by CPC(TDS). BIN is generated by the Tax Information Network…
What is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN. Who can apply for PAN? All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others,…
There are two types of PAN applications: 1. Application for allotment of PAN: This application form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. Applicant may visit ITDs website www.incometaxindia.gov.in to find whether a PAN has been allotted to him or not. Following…
CPC(TDS) has issued a letter to all deductors regarding clarification of Lower Deduction/No deduction u/s 197 or 197A The letter produced is here as under: Date of communication: 04/02/2014 Dear Deductor, Greetings from CPC(TDS) team! CPC(TDS) team feels glad to constantly update our stakeholders with relevant advisory communications from time to time. This communication…