TDS / TCS (Income Tax) – Information & Resource Bank
Date of communication: 21/12/2016 Dear Deductor, The Centralized Processing Cell (TDS) offers you a variety of value-added services through its web-portal TRACES . As you are aware, these services can be availed after registering on TRACES with a unique User ID and Password. In provision of its services, CPC (TDS) exchanges with its end-users a…
As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions. Finance Minister Arun Jaitley today launched the SMS alert service for Tax Deducted at Source (TDS) for salaried class and the CBDT will soon offer this facility on a monthly basis. Briefing…
Date of communication: 20/08/2016 Dear Deductor,(TAN:XXXXXXXXXXXX) The Centralized Processing Cell (TDS) has provided an integrated platform for taxpayers, deductors & assessing officer. The objective of the functionality is to provide the taxpaying citizen to report missing TDS credits in their 26AS account directly to the deductors and assessing officers for its quick resolution. As a…
Date of communication: 26/05/2016 Dear Deductor,(TAN: XXXXXXXXXXXX) The Centralized Processing Cell (TDS) has provided an integrated platform for taxpayers, deductors & assessing officer. The objective of the functionality is to provide the taxpaying citizen to report missing TDS credits in their 26AS account directly to the deductors and assessing officers for its quick resolution. As…
Last date for issuance of TDS certificates for Quarter 3 of FY: 2015-16 – 30th January, 2016 The above is applicable for all other than government deductors Delay in certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted. Click here for more details
Advisory for Deductors Deductors deduct tax at lower rate on payment/credit to deductee on production of certificate duly issued by assessing officers under section 197. Deductors quote such certificate number in quarterly TDS return. Instances of huge default of ‘Short Deduction’ have been observed due to wrong quoting of 197 certificate number. The scenario of…
The Direct Taxes Directorate of Income-tax (Systems), CBDT vide Notification No. 3 /2015 dt. 1st of December 2015 has notified Stringent Authentication Mechanism through Corporate Head Quarter Server for filing of Correction statements & download of TDS certificates, Consolidated files etc. by Banks / Corporates. Section 200 of the Income tax Act provides for filing…
CBDT has extended the due date for deposit of tax deducted at source (TDS) and tax collected at source (TCS) during the month of November from December 7 to December 20, in respect of deductors located in Tamil Nadu. F.No. 385/26/2015-IT(B) Government of India Ministry of Finance Central Board of Direct Taxes (CBDT) New Delhi,…
Implications of Non/Late filing of TDS Statements has been given below: For Tax payers: Non/ Late etds filing results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them. For Deductors:…
CPC (TDS) has released an advisory communication to all deductors and taxpayers regarding spurious email. CPC (TDS) has advised them to maintain strong Password for User account at TRACES and must not share the User ID / Password with any unauthorized user. The released communication has been given below: Dear Deductor/ Taxpayer This is to…