TDS / TCS (Income Tax) – Information & Resource Bank
Dear Deductor, As you may be aware by now that the Centralized Processing Cell (TDS) is informing you of PAN and Challan Errors, through an Intermediate Communication, during processing of Original Quarterly TDS Statements, before Defaults are finally computed and Intimations are generated. On receipt of the above communication, you are encouraged to take corrective…
CPC (TDS) has issued a communication in which it has thanked deductors for promptly availing the Online Correction facility at TRACES on receipt of Intermediate Defaults Communication. The issued communication has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX) Centralized Processing Cell (TDS) Congratulates you and Thanks you for promptly availing the Online Correction facility at our web-portal TRACES,…
If you are in the higher tax bracket, that is 20% or 30%, make sure that you pay the additional interest before filing your tax returns. The biggest disadvantage of FDs is that the interest earned is subject to taxation. This eats into the returns. Taxed as per income bracket The interest earned on the…
Last date of TDS return filing for Quarter 1 of FY: 2015-16 is 31st July, 2015 for Government deductors.
Given below are some important information regarding downloading of TDS certificates. Refer to the following provisions of the Income Tax Act, 1961: Downloading of TDS Certificates from TRACES made mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012 on the…
The income tax department has launched an ambitious drive to bring under its net 10 million new taxpayers, after the government recently asked the official to achieve the target within the current financial year. As part of the governments initiative to broaden the base, the Central Board of Direct Taxes (CBDT), apex policy making body,…
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…
The following information has been displayed on TRACES website: Considering peak statement filing time, processing of statements might take 7 to 10 working days from date of filing. 97% of the statements filed till 13th Jul 2015 have been processed for 26AS. Please wait for 24 hours after receiving a communication to submit Online Corrections…
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
Given below are the points one should remember before filing quarterly TDS statement: Correct Reporting: Cancellation of TDS return and deductee row is no longer permissible. Accordingly, it is very important to report correct and valid particulars (TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction…