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,…
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…
The TDS and TCS rates chart for the financial year 2015-16 has been given below: TDS rates for F.Y. 2015-16 Nature of Payment Made To Residents Cutoff (Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF If No / Invalid PAN Section-Description …
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E-Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long as TDS…
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…
Last date of TDS return filing for Quarter 1 of FY: 2015-16 is 15th July, 2015 With the introduction of Section 234E, there is now a provision of stringent penalties for delayed filing of TDS returns. Failure to submit e-TDS Statement on time will result in fees on the deductor. If you delay or forget…
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The following are the basic principles of TDS compliance: 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 now sending Intermediate…