Guidelines to avoid common mistakes while submitting TDS Statements

Following are some useful guidelines to avoid common mistakes, while submitting TDS return: 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 the following examples: Correct Format 1111AA111A Incorrect Format: 1111AA111A/194C Certificate Number…

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“Self-declaration” facility for Lower TDS Deposited During the Quarters

CPC TDS has released a “Self Declaration” feature on web-portal TRACES with respect to Lower TDS deposited during a Quarter/s to facilitate the deductors to share the reasons for reduction in TDS deposited during the year or quarter compared to last year. CBDT has released an advisory communication in this regard which is given below:…

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Payment of taxes -Do’s & Dont’s

Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income…

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TDSMAN updated with FVU ver. 4.9 & FVU ver. 2.145

TDSMAN has been updated for the following newly released File Validation Utilities: FVU ver. 4.9-For Statements pertaining to FY 2010-11 onwards. FVU ver. 2.145-For Statements pertaining to FY 2007-08 to FY 2009-10. These versions of FVU are applicable with effect from December 19, 2015. Steps to Update Click on Update File Validation Utility in Utilities…

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Key Features -File Validation Utility (FVU) version 2.145

Addition of challan (i.e. C9 correction) in correction statements: As directed by Income Tax Department (ITD), addition of challan option (i.e. is C9 correction) has been made available for Central (i.e. deductor category A) and State Government (i.e. deductor category S), applicable only for statements pertaining up to FY 2012-13. This version of FVU is…

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Key Features -File Validation Utility (FVU) version 4.9

Remark B is made applicable for Section code 194DA for Form 26Q, FY 2015-16, Q3 onwards. Addition of challan (i.e. C9 correction) in correction statements:  As directed by Income Tax Department (ITD), addition of challan option (i.e. is C9 correction) has been made available for Central (i.e. deductor category A) and State Government (i.e. deductor…

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