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: Rectifying challan mismatch cases Addition of new challan to the statement Pay 220/interest/levy Add or Delete Salary Detail Rectifying statement challan information PAN Correction…
There are 6 types of corrections namely C1, C2, C3, C4, C5, C9. The following table briefly talks about each correction type: Type Corrections in: C1 Deductor details: All details of deductor except the TAN No. can be modified. C2 Challan details: All details of the challan can be modified. C2 can include C1 type…
Now you can prepare TDS/TCS Returns for all quarters of FY: 20-21 It covers: ✔ All TDS/TCS Returns for FY: 2020-21 ✔ All TDS/TCS Returns for FY: 2019-20 ✔ Pending TDS/TCS Returns of earlier years, if any ✔ Online Filing ✔ Rectification of TDS/TCS Defaults TDSMAN is packaged with advanced corrective and validation features that…
Make sure taxes are deducted on time and at correct deduction rates /amount. The applicable section under which the deduction falls should be correctly applied. Tax needs to be deducted either when payment is made or when the amount is credited, whichever is earlier. It implies that the tax needs to be deducted on the…
Important points to note related to ITNS-281 are as follows: 1. Company Deductee/Non-Company Deductee – Although this appears in the Challan format, however it has lost its relevance as now one can include Company / Non-Company Deductee in the same Challan. It does not matter whatever one may select. 2. Assessment Year – The Assessment…
Steps for Preparing Correction Returns Request for TDS (Consolidated) file from TRACES Download requested TDS (Consolidated) file from TRACES Upload TDS (Consolidated) file for correction into the software. This file is password protected [Password: TAN_Request Number]. While uploading, the software will automatically determine the password and read the data at the time of uploading Make corrections & validate Generate the…
A new section 194M has been proposed in the Budget of 2019 wherein an individual or an HUF (those not covered in TDS), is now required to deduct TDS @ 5% for payments exceeding Rs. 50 Lakhs in a year to a resident contractor or to a professional (as defined u/s Section 194C and Section…
One can file TDS / TCS Returns (both Regular & Correction Statements) through the Income Tax e-Filing portal through Aadhaar authentication. Pre-requisites • TAN has to be registered at TRACES (https://www.tdscpc.gov.in) linking the Aadhaar of the authorized person • The Aadhaar should be linked with the mobile number. This is for receiving the OTP. The…
E-Returns for TDS / TCS was first introduced in 2002-03 and it has come a long way ever since. Currently, less than 1% are still on manually filed Returns. The generic procedure of preparing E-Return for fundamental understanding is summarized as below: Step – I The Income Tax Department has specified a data format in…
Now you can prepare TDS/TCS Returns for all quarters of the next FY: 20-21 It covers: ✔ All TDS/TCS Returns for FY: 2020-21 ✔ All TDS/TCS Returns for FY: 2019-20 ✔ Pending TDS/TCS Returns of earlier years, if any ✔ Online Filing ✔ Rectification of TDS/TCS Defaults TDSMAN is packaged with advanced corrective and validation…