CPC (TDS) has issued an advisory communication to all deductors stating that they should not wait for the last moment to submit their TDS statements for 4th quarter of Financial Year 2014-15. The issued communication has been given below: Dear Deductor, As you may be aware, the due date (May 15, 2015) for filing of…
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…
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….
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…
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…
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…