Following are some useful guidelines to avoid common mistakes, while submitting TDS Statements and you are requested to go through the following in detail. Incorrect reporting of 197 Certificates: Please refer to the following guidelines for correct reporting of 197 Certificates: The Certificate Number should be of 10 digits with Alpha-numeric structure. Please refer to…
Below are the Different statuses available on TRACES regarding TDS / TCS statement Following processing status shall be displayed for regular statement: Pending for Processing Processed for Form 26AS Processed without Defaults Processed with Defaults Following processing status shall be displayed for correction statement: Pending for Processing Processed for Form 26AS Processed without Defaults Processed…
Currently, the person responsible for paying salary has to depend upon the evidence/ particulars furnished by the employee in respect of deductions, exemptions and set-off of loss claimed. There is neither any guidance regarding the nature of evidence/particulars to be obtained nor any uniformity in this regard. With a view to rationalise the collection of…
One can avoid defaults in the TDS statements, by way of adherence to the following basic principles: Timely Payment of total taxes deducted/ collected Correct Reporting with regard to PANs, Tax Rate and Challans Complete Reporting for all Deductees Timely filing of TDS Statements Following are some important facts to be adhered to, while submitting…
Given below are some do’s and don’t for filing of TDS returns: Do’s Ensure that TDS return is filed with same TAN against which TDS payment has been made. Ensure that correct challan particulars including CIN and amount is mentioned. Correct PAN of the deductee is mentioned. Correct section is quoted against each deductee record….
Where the employee has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:- Interest u/s 201(1A)– The deductor is treated as an assessee in default and interest u/s 201(1A) is leviable @1.5% for every month or part of the…
Where the employer has failed to deduct tax or when short deduction of tax has been done, following statutory provisions are attracted:- Charging of interest u/s 201(1A) – The deductor is treated to be assessee in default in respect of the short deduction/non deduction of tax. Under Section 201(1A) he is liable to pay simple…
Important due dates in the month of May 2015 has been given below: 7 May 2015 – Due date for deposit of Tax deducted/collected for the month of April, 2015 15 May 2015 – Quarterly statement of TDS/TCS deposited for the quarter ending March 31, 2015 22 May 2015 – Due date for issue of…
CPC(TDS) has issued a follow up communication to all deductors regarding closure of Short Payment Defaults in excess of Rupees 50 Lakh in TDS Statements filed since FY 2007-08 onwards. The issued communication has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX) As per the records of Centralized Processing Cell (TDS), there are outstanding Short Payment Defaults…