Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet. Type of Challans to be used for tax payments Challan Description ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed…
1. What is a conso file? It is the consolidated data of the statements processed (regular & correction) for the relevant Financial Year, Quarter and Form Type. 2. Why is a conso file required? While filing correction for a particular Financial Year, Quarter and Form Type, conso file provides details about all the previous corrections…
CPC (TDS) has issued an advisory communication to all deductors who have used multiple challans in a month for payment of TDS. In its advisory, CPC (TDS) has discussed about three main points: Payment of Tax Deducted under different sections of the Income Tax Act, 1961 Payment of Tax Deducted for different Assessment Years Different…
When I provide my TAN and Token Number, I get the message ‘Invalid details’. Why? Token Number (Provisional Receipt Number) provided must be of any accepted Regular statement filed by you on or after April 1, 2010 or of any accepted Correction statement filed by you from April 1, 2010 to October 15, 2012. What…
Q 1. What are the way, I can file my Income Tax Returns? Return of income can be filed manually or online mode. If return of income is filed through online mode, then the assessee has following two options: (1) E-filing using a Digital Signature (2) E-filing without a Digital Signature If return of income…
What is TDS? TDS means ‘Tax Deducted at Source’. TDS is one of the modes of collection of taxes, by which a certain percentage of amount is deducted by a person at the time of making / crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government…
CPC(TDS) has observed from its records that Flag “B” (for 15G/H Forms) has been wrongly raised in the quarterly TDS Statements. CPC(TDS) has issued a letter to all deductors in this regard. The letter produced is given as under: Dear Deductor ( TAN XXXXXXXXXX ), CPC(TDS) feels glad to provide you with the new feature…
CPC(TDS) has observed from its records that many deductors have reported deductees with invalid PANs in the quarterly TDS statements. These PANs appear structurally valid but they are invalid. CPC(TDS) has issued a letter to all deductors in this regard. The letter produced is as follows: Dear Deductor ( TAN XXXXXXXXXX ), Centralized Processing Cell…
CPC(TDS) has provided a feature of downloading Form 27D, the Tax Collection Certificate for Deductees forming part of TCS Statements, filed in the form of 27EQ. Refer to the following details for the above functionalities: Form 27D is Tax Collection Certificate in respect of deductees, reported in Form 27EQ Statements. Please refer to the provisions…
CPC(TDS) has introduced a new feature on TRACES for generating Transaction Based Report (TBR) in respect of deductees reported in 27Q TDS Statements. The report provides with a summary of transactions in respect of NRI Deductees who have not reported their PANs (PAN Not Available) Details about Transaction Based Report: The feature is available only…