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…
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd July, 2016. Sub:-Ease of Doing Business-Paperless PAN & TAN application process. For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service…
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…
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….
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…
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 income…
The key features of File Validation Utility (FVU) version 2.147 has been given below: New Section code 194LBC (Income in respect of investment in securitization trust) has been added under list of sections available under Form 26Q and 27Q. New nature of collection codes 206CL (Sale of Motor vehicle), 206CM (Sale in cash of any goods…
The key features of File Validation Utility (FVU) version 5.1 has been given below: New Section code 194LBC (Income in respect of investment in securitization trust) has been added under list of sections available under Form 26Q and 27Q. New nature of collection codes 206CL (Sale of Motor vehicle), 206CM (Sale in cash of any goods…
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit): Default/ Failure Section Nature of Demand Quantum of demand or penalty Failure to deduct tax at source 201(1) Tax demand Equal to tax amount deductible but not deducted 201(1A) Interest @1 % p.m. of tax deductible 271C Penalty Equal amount…
The details available are as below: Name / Address / TAN of Deductor Name / Address / PAN of Tax Payer Certificate Number Summary of payment made by Deductor Summary of tax deducted at source in respect of Tax Payer Details of tax deducted and deposited in Central Government account through challan / Book Adjustment…