Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 6/2016 New Delhi, 4th May, 2016 Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under provison to sub-section (3) of section 206C of…
As you are aware, currently online upload of e-TDS/TCS statement(s) and Annual Information return (AIR) facility is provided by NSDL e-Governance Infrastructure Limited (NSDL e-Gov) on behalf of Income Tax Department (ITD). It may please be noted that from May 1, 2016, the functionality of Online Upload of e-TDS/TCS statement(s) is now available on e-filing…
Given below are some dos and dont for filing of TDS returns: Dos 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….
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 now sending…
The Income Tax Department has released the new File Validation Utility (FVU) Ver. 5.0 on 13th April 2016 and is applicable for all TDS Returns & Correction Statements filed from the same date onwards. Highlights and its analysis are summarized below: Changes is Form 26Q (TDS Returns for Non-Salary) The applicability of value B in…
Given below are the steps for the submission of statements at TIN Facilitation Centers (TIN-FCs) or submission of statements at TIN website: 1. Submission of Statements at TIN Facilitation Centers (TIN-FCs). a. Please refer following URL https://www.tin-nsdl.com/tin-facilities.php to locate address details of TIN-FCs nearby you. b. Please submit .FVU file validated through latest File Validation…
The key features of File Validation Utility (FVU) version 2.146 has been given below: Incorporation of TAN and TAN name in the Challan Status Inquiry (i.e. .CSI) file and verification with the TDS/TCS statement during the time of validation through the FVU. TAN: In case, the TAN of the Deductor/Collector as per .CSI file does not…
The key features of File Validation Utility (FVU) version 5.0 has been given below: Remark B is made applicable for Section code 192A (Payment of accumulated balance due to an employee) for Form 26Q. New Section code 194IA (Payment on transfer of certain immovable property other than agricultural land) has been added under list of sections…
What is Online Correction? TRACES has provided the functionality of “Online Correction” where deductor can perform correction of TDS return /TCS return online. Following are the various facilities available through online correction: View default summary Rectifying challan mismatch cases Addition of new challan to the statement Pay 220/interest/levy Add or Delete Salary Detail Rectifying statement challan…
Given below are the points one should remember before quarterly etds filing: 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…