Centralized Processing Cell (TDS) has observed from its records that though deductors have reported deductees with more than Rs. 50,000 of TDS in Quarterly TDS statements, but the PANs are either “Not Available” or “Invalid”. CPC (TDS) has issued a communication in this regard stating the impact & action to be taken in this situation….
The TDS/TCS Compliance for 3rd Quarter of FY: 2014-15 has been given below: Last date for payment of tax deductions for December 2014 – 7th January, 2015 Last date for filing of TDS returns for Q3 of FY: 2014-15 – 15th January, 2015 Last date for issuance of TDS certificates for Q3 of FY: 2014-15…
Can BIN details be corrected through online correction? Yes, BIN details in the statement can be corrected through “Challan Correction” option under ‘Unmatched Challan’ header. Refer e-tutorial Online Correction – Challan Correction for more details. What is the procedure to make online correction in case of short payment default? Deposit the Short Payment default through…
CPC (TDS) has issued an advisory communication in which it has stated about the release of a new feature on TRACES where a Digital Signature Certificate (DSC) can be used for availing various services offered by TRACES. The issued communication has been given below: Dear Deductor, The Centralized Processing Cell (TDS) has released a new…
TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 4.5 and FVU ver. 2.141). All licensed and trial users are advised to update the software and File Validation Utility from the Utilities menu provided in the software in order to process the TDS returns. Click here to view the key features…
The Income Tax Department has released the following new File Validation Utilities on 20th December 2014: FVU version 4.5-For Statements pertaining to FY 2010-11 onwards. FVU version 2.141-For Statements upto FY 2009-10. Click here to view the key features of FVU version 4.5.
Incorporation of section 194LBA (Certain income from units of a business trust): Section 194LBA is applicable for Form no. 26Q and 27Q Section 194LBA is applicable for statements pertaining to Q3 of FY 2014-15 onwards For resident deductees the TDS rate is 10% & for non resident deductees the rate is 5% Incorporation of section…
The following important notifications have been displayed on TRACES website: The original statement will be put on hold if Challan Mismatch/Challan Overbooked/PAN Errors has been identified in the preliminary check, please make online correction so that your statement is not processed for defaults. A new version (2.1) of Excel Generation utility for Justification report has…
CPC (TDS) has issued an advisory communications to the deductors in which it has stated that the deductors has filed tds statements for different quarters but they have not yet registered on the web portal TRACES. Therefore, the deductors must register on TRACES to download TDS Certificates (Form 16/ 16A) and avail several other facilities…
CBDT has released Circular no. 17/2014 which contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2014-15 and explains certain related provisions of the Act and Income-tax Rules, 1962. The released circular has been given below: CIRCULAR NO : 17/2014 F.No. 275/192/2014-IT(B) Government of…