Traces

CPC (TDS) communication: Intimation regarding Outstanding TDS demand on account of Short Payments from FY 2007- 08 onwards – Reg.

TDSMAN03 mins

To  M/s. __________________ TAN:__________________ Address:_______________ _______________________ _______________________       CPC (TDS) communication: Intimation regarding Outstanding TDS demand on account of Short Payments from FY 2007-08 onwards- Reg. Please refer the subject mentioned above. As per the records of the Centralized Processing Cell (TDS), there is an outstanding demand from FY 2007-08 onwards, exceeding Rupees XX Crore…

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Late Filing Fee u/s 234E – Judicial Interpretation – Hon’ble High Court of Bombay – February 6, 2015

TDSMAN16 mins

Dear Deductor, Section 234E of the Income-tax Act, 1961 inserted by the Finance Act, 2012 provides for levy of a fee of Rs. 200/- for each day’s delay in filing the statement of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). The provision for Levy of Late filing fee was introduced to…

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CPC (TDS) communication: TDS Defaults exist in all Six preceding Quarters, “No Correction TDS Statement filed as yet”

TDSMAN07 mins

As per the records of the Centralized Processing Cell (TDS), there exist outstanding Defaults in “all six preceeding Quarters” with respect to the TDS Statements filed by deductors, relevant to the Financial Years 2013-14 and 2014-15. CPC (TDS) has issued a communication to deductors in this regards which has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX)…

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CPC (TDS) Advisory to Deductor for Closure of Late Payment Interest defaults in Quarterly TDS Statements

TDSMAN03 mins

CPC (TDS) has issued an advisory communication in which it has stated about the closure of late payment interest defaults in quarterly TDS Statements. It has requested the Principal Officer, State Bank of India to instruct the deductors associated with them to pay the late payment interest amount and file the TDS correction statement accordingly…

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Important notifications displayed on TRACES website

TDSMAN32 mins

The following important notifications have been displayed on TRACES website: If you have received intermediate communication for statement on hold due to Short Payment and PAN error; please wait for 48 hours to submit Online Correction on TRACES. Considering peak statement filing time, processing of statements might take 7 to 10 working days from date…

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Verification of PAN in TDS Statements filed for FY 2011, 2012 and 2013

TDSMAN04 mins

CPC (TDS) has issued an advisory communication to the deductors stating about the verification of PAN in TDS Statements filed for FY 2011, 2012 and 2013. The issued communication has been given below: Dear Deductor,(TAN: XXXXXXXXXXXX) As per the records of the Centralized Processing Cell (TDS), discrepancies have been observed with respect to your TAN…

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CPC (TDS) follow up for closing Short Payment Default due to Insufficient Challans

TDSMAN06 mins

CPC (TDS) has observed from its records that there are outstanding Short Payment Defaults with respect to TDS Statements filed by deductors.  The Short Payment Defaults are due to “Insufficient Challans”. CPC (TDS) has released a follow up communication to deductors in this regard which has been given below: Dear Deductor, (TAN: XXXXXXXXXXXX) As per…

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Basic principles of TDS Compliance

TDSMAN02 mins

Given below are the basic principles of TDS compliance: 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 “Intermediate…

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Significant change in processing of Quarterly TDS Statements

TDSMAN06 mins

CPC (TDS) has issued a communication to deductors in which it has stated about a significant change in processing of Quarterly TDS Statements. The central point in the new process is identifying errors in challan/ PANs and facilitating their corrections before CPC (TDS) computes defaults in TDS statements. The issued communication has been given below:…

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