Points to remember before filing the quarterly TDS statement

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…

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PAN allotment by Income Tax Department will remain suspended between 05.10.2015 to 09.10.2015

The income tax department is in the process of upgrading software applications. It is for information of PAN applicants that PAN allotment by Income Tax Department will remain suspended between 05.10.2015 to 09.10.2015 due to PAN data migration activity. However, PAN applications, through on- line and off-line modes, will continue to be received by PAN…

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Guidelines for correct reporting of 197 Certificates while submitting TDS Statements

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 should be valid during the period for which it is quoted. The Certificate Number should be for the…

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Tax is not to be deducted at a higher rate of 20 percent under Section206AA of the Income-tax Act when the benefit of tax treaty is available

Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) held that there is no scope for the tax deduction at source (TDS) at a higher rate of 20 per cent as per the provisions of Section 206AA of the Income Tax Act, 1961 (the Act) when the benefit of tax treaty is available…

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Closure of defaults in Quarterly TDS Statements from Financial Year 2007-08 onwards

CPC(TDS) reminder communication to banks regarding closure of defaults in Quarterly TDS Statements from Financial Year 2007-08 onwards. The issued communication has been given below: The Principal Officer Name: XXXXXXX TAN: XXXXXXXXXXXX Please refer to the earlier CPC(TDS) Communication regarding defaults in TDS Statements for different TAN’s associated with your PAN. The Centralized Processing Centre…

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Avail the Benefit of Intermediate Default Communications and Avoid Intimations from CPC (TDS)

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…

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