CPC (TDS) has observed from its records that there are outstanding Short Payment Defaults exceeding Rs. 1 Crore, with respect to TDS Statements filed by the deductors since Financial Year 2007-08 onwards. CPC (TDS) issued a follow-up communication in this regard which has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX) As per the records of Centralized…
CPC (TDS) has observed from its records that Online Corrections have been submitted by deductors on TRACES by using Digital Signature Certificate but there are no Registered Digital Signature Certificates (DSC) available currently in their profile. CPC (TDS) has issued an advisory communication in this regard which has been given below: Dear Deductor (TAN) As…
The interest is to be calculated as per illustrations below: Case 1: Tax Deducted on 26th June, TDS deposited on 9th July (due date was 7th July) The period of 26th June to 30th June will be calculated as one month (being part of a month) & from 1st July to 9th July will also…
Healthy practices for error – free TDS returns has been given below: Deduction/ Collection of Tax at Correct Rates. Timely Deposit of Tax Deducted at Source. Accurate Reporting of data related to tax deductions/ collections made. Submission of TDS Statements within the due dates. Verification and Issuance of TDS Certificates within time. CPC (TDS) is…
TDS Rates for F.Y. 2014-15 Nature of Payment Made To Residents Threshold(Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section-Description Rate (%) Rate (%) Rate (%) 192-Salaries – NA Average rates 30 193-Interest on securities – 10 10 20 194-Dividends – 10 10 20 194A-Interest…
Following are the common reasons for rejecting a correction statement: TAN is not valid as per data at TDSCPC Statement corresponding to regular token number / previous token number field, as given in correction return, does not exist Previous token number does not correspond to the last accepted correction statement at TDSCPC Correction is filed…
Last date for payment of tax deductions for March 2015 – 30th April, 2015 Last date for filing of TDS returns for Q4 of FY: 2014-15 – 15th May, 2015 Last date for issuance of TDS certificates for Q4 of FY: 2014-15 – 30th May, 2015 The above dates are applicable for non – government…
TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 4.6 and FVU ver. 2.142). 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 long awaited FVU has been released late evening on 20th April 2015. Brief analysis of the same is as under: Mandatory to quote PAN of Responsible Person: It is now mandatory to quote the PAN of the Responsible Person in all Regular TDS Returns and Correction Statements. It is applicable for all returns /…
The Income Tax Department has released the following new File Validation Utilities: FVU version 4.6-For statement pertaining to FY 2010-11 onwards. FVU version 2.142-For statements pertaining to FY 2007-08 to FY 2009-10. These two FVU versions are mandatory with effect from April 21, 2015. Click here to view the key features of FVU version 4.6….